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.
- 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.