WTI Oil (USOIL) failed emphatically last week to break the 1D MA50 (blue trend-line) as it was rejected just below it and made yesterday and today a new market Low. Based on the RSI sequence as well, the rejection seems similar to September 14 that ended up making a new Low on the Lower Lows Zone (since July 14) on the -0.3 Fibonacci extension.
This extension is currently at 67.55 and we don't expect any meaningful rebound before testing that level. If it does, a rebound back to the 1D MA50 to test again the strength of this multi-month correction is very likely.
Alternatively you can keep an eye on the 1D RSI. Once it gets oversold near 30.00, buy and if it breaks the Lower Highs trend-line, confirm the 1D MA50 target.
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This extension is currently at 67.55 and we don't expect any meaningful rebound before testing that level. If it does, a rebound back to the 1D MA50 to test again the strength of this multi-month correction is very likely.
Alternatively you can keep an eye on the 1D RSI. Once it gets oversold near 30.00, buy and if it breaks the Lower Highs trend-line, confirm the 1D MA50 target.
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You may also TELL ME πββοΈπββοΈ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! ππ
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π°Free Channel t.me/tradingshotglobal
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π₯New service: next X100 crypto GEMS!