CryptoCal24
Long

WTI Crude Oil showing many confluences of support

TVC:USOIL   CFDs on WTI Crude Oil
This 1W chart of WTI Crude Oil gives a great example of many confluences of support.

- Hitting trend line support
- Hitting 0.382 fib from Feb 2016 low
- Hitting 0.5 fib from June 2017 low
- Horizontal resistance possibly turning into support
- 100 MA support
- 1D RSI of 20, signalling oversold after 23% drop in 27 days

Sentiment in this 27 days has flipped from Bull to Bear with great speed with analysts / media outlets signalling for a further drop to $40. On the whole this can be a pretty good long signal.

I'm expecting a good bounce, if we see it my first target will be 64.45.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out