From TradingView · · 1m
WTI crude hits second price target at $105.72
A trader's technical analysis shows oil reaching predicted levels with more upside ahead.
In brief
A trader's technical analysis shows oil reaching predicted levels with more upside ahead. WTI crude oil reached its second price target of $105.727, with the next target set at $112.494. Originally reported by TradingView.
Second price target hit
WTI crude oil reached the predicted second target of $105.727. The trader celebrates this successful forecast.
“Target 2 (Bingo 2): 105.727.”
Next target above $112
The third price target is set at $112.494. This suggests the trader expects continued upward movement in oil prices.
“The next T2 is 112.494.”
New support level established
A support level has formed at $104.295. This price point could act as a floor if oil prices pull back.
“New support at 104.295.”
RSI shows warning signs
The Relative Strength Index is elevated and beginning to show bearish divergence. However, the signal isn't strong enough to be definitive yet.
“The RSI is high, showing the beginnings of a bearish divergence... Nothing conclusive.”
Volatility expected soon
The trader anticipates an imminent event that will settle the current market tension. The exact nature and timing remain uncertain.
“Something is going to happen very soon to calm the situation !”
The headline
WTI crude oil reached its second price target of $105.727, with the next target set at $112.494.
