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WTI, back at major order block support -- BOUNCE expected

Diupdate

WTI is currently sitting at below 0.5 FIB level on a weekly data -- a key area where most buyers converge.

$65-70 area has been quite a solid order block support. It has been tested many times and oil keeps bouncing up from this range.

A bounce is expected from current price range. Accumulation has notably started increasing at the present levels.

Spotted at 69.0

TAYOR.
Safeguard capital always.

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RELATED NEWS: Reuters

Oil prices settle more than 3% higher after China rate cut
By Stephanie Kelly

NEW YORK, June 13 (Reuters) - Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand after China's central bank lowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session.

The rate cut is aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer.

Brent crude futures settled up $2.45, or 3.4%, to $74.29 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.30, or 3.4%, at $69.42 a barrel.

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Initial target will be 80 level.

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Accumulation still ON. Intended direction is certain: UP.

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70 level is firming up as the new base level for ascend.

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MACRO VIEW: WEEKLY DATA update -- RIPE for GOOD ASCEND.

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Ascend confidence, getting higher.

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MICRO VIEW: 4H Update : Support is Persistent. Price keeps bouncing off it.

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MACRO DATA: DAILY - It seems like shorters are struggling, and bulls are taking over... this should get ripe soon. Upside is becoming clearer.

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MACRO VIEW: WEEKLY data update on the first monday of July.

WEEKLY data recorded its first histogram shift since April 2023.
Intended direction goal is firm.

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MACRO VIEW: WEEKLY UPDATE - WTI moving as planned -- more UPSIDE in order.

A massive breakout is on queue.

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MACRO VIEW: MONTHLY DATA.

OIL intended direction is still firm, nothings changed.

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4h data update: upside continuation attempt.

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weekend update:

OIL is back at 80 levels -- long term trend shift is firm on its intended goal.

a 100 target will be not be far fetched. The possibility is getting higher.

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TRI MONTHLY DATA Update:

The prospect of a pricey oil by next year is actually scary.

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1h micro data update:

OIL is doing another muted correction as it always does -- it has repeated this action many times now on its ascend journey, and it will likely do the same until it reach its long term target.

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4H DATA update:

Fresh Higher Lows / New Base anew. Ascend continuation.

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1H DATA UPDATE:

WTI has found it's new intraday base at 81-82 levels.

Will aim to revisit its previous peak at 84.

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4H BREAK.

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OIL broke the 80 range due to low US inventories.

Consistent daily higher lows has been registered -- 'may' target new price rise anew.

TAYOR.

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DAILY DATA UPDATE:

OIL managed to regain it's strength -- fulfilling its planned route.

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Targets are by 10s, 90, 100, 110, 120.

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OIL is really keen on that mission to rise to 3 digit.

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The usual DAILY SHIFT before another resistance break.

When daily price shifts -- it is almost always bound to break previous resistance.

TAYOR.
Safeguard funds always.

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WTI has trim down gains -- which I think is necessary before another run up. A touch of the 86 level should be healthy for a new base for ascend.

The probability of a break of previous resistance is still high -- after a much needed correction.

TAYOR.

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A healthy correction has materialized way more than we expected.

This is good for prospective entry to LONG.

I'll update again soon for a possible entry.

TAYOR.

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Initial tranche buy for the present range already looks good.

Any ascend from here should warrant position augmentation.

Spotted at 83.5

TAYOR.

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OIL bargained itself further and touched 81.0 levels, this is looking attractive for an entry.

The recent daily metrics is suggesting a price 'bend' already.

Spotted at 81.0

TAYOR.

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After surge update:

Oil corrected conservatively on the higher channel, and now consolidating at limited range conveying a possible attempt to rise further.

TAYOR.
Safeguard funds always.

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OIL still ranging narrowly inside the darvas box. This horizontal movement is conveying a firm intention to go further.

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A wide look at the daily metrics.

OIL is creating a double bottom scenario -- even daily higher lows once the 'v' bending formation completes.

Patience is key on this one.

TAYOR.

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1H update: A retest is now in order.

Ascend journey RESET.

Spotted at 81.5

TAYOR.

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4H update:

It is currently creating a "W LAST LEG" formation -- this is usually a pre-surge hint with high probability.

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Weekend update:

OIL managed to bounce off a major support after correcting healthily into the 82 range.

For next week, an upside continuation will still be in play with possible retest of previous peak at 90 levels.

Congrats to those who got to ride this on a quick discount price.

TAYOR.
Happy weekend everyone.

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4H update:

Healthy trim downs for sustainability.
Upside continuation after the correction.

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1h data update:

OIL did a healthy consolidation and touched the anticipated points.

It is now getting ready to get out of the conso zone -- and retest previous peak with possible break.

Spotted at 85.0

TAYOR.

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A breakout.

All moving according to plan.

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OIL is filling in the imbalance after the recent surge. It's close to order block levels and an upside continuation will be in order thereafter.

Spotted at 86.5

TAYOR.

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anticipated movement/direction fulfilled.

So far so good for OIL. Targets remain in tact: 3 digit valuation.

TAYOR.

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Healthy trim downs by OIL -- another 'seed' opportunity in play.

I'll update soon if that signal surfaces. :)

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1h Data:

New buy seed opportunity UP!

Spotted at 86.70

TAYOR.

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confirmation UP!

chart update.

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Daily update:

Back to daily support base. A bounce from here maybe expected.

TAYOR.

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Daily data update:

Daily shift spotted -- new higher low base anew.

Expect some rise from here.

Spotted at 84.00

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I admit my inaccuracy on this one, my err. It went below the psychological line at 83.0 and went to further correct. The daily shift has more weight this time.

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Daily data update: Waiting for a confirmation signal on the daily for OIL.

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Daily data update:

We finally got confirmation on the daily. A gold bar has surfaced after sometime. Net buy signal has re-surfaced after 2 weeks of waiting. We may have a new base now -- an ascend is expected.

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Trying a new custom approach / visual chart.

I'm waiting for a "V" shape bending red line for confirmation on the daily.

It's currently in progress... I'll post once we get that.

tvc-invdn-com.investing.com/data/tvc_60c6b77d0b0a2021ee9e641a4371dd58.png

TAYOR.

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Accumulation has started again based on daily metrics after waiting for sometime.

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Daily data update:

We got the much awaited confirmation, daily shift bar.
Net buying continues to grow -- and a carry over to 2nd day is likely.

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Day2 white bar. More rise is expected.

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3H data update.

Higher lows, new attempt.

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OIL re-attempting again at the same base 76.0

Confirmation is at 78.0

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Daily data update:

OIL buyers have re-initiated accumulation.

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net buying is increasing -- with fundamental news: OPEC planned cuts in production.

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daily data update:

Price + volume has increased significantly.

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Weekly data upate:

OIL registered its first weekly positive candle after 6 weeks of waiting.

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4H data update:

OIL is attempting on 4H. A possible setup is in order.

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Daily data update:

OIL finally moved into the 'upper' channel range.
An attempt to touch resistance with possible break is in order.

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Weekly data update:

Accumulation has started based on weekly metrics.

Expect an ascending weekly gains soon.

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Upside reversal meter is increasing at the current range.

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1H data upate:

WTI registered its first horizontal baseline bend after 10 days -- hinting of an attempt to reverse trend.

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4h update:

On 4H, things are looking much rosier. A confirmation is up. The latest candle supercedes the green bar series conveying momentum buildup (long).

Price growth from here is expected.

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OIL recent price movements is conveying an optimism on future OIL valuation. We are almost at the "heat" zone territory. A break would mean new rise / price reversal. Three straight days of net volume increase has been registered.

72.0

TAYOR.

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Weekly data update:

BUY ALERT. More price growth ahead.

Long term price shift / Reversal in order.

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moving as planned from our 72.0 spot.

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Breakout.

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2nd net positive weekly candle spotted.

OIL is en route to significant price recovery.

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New attempt to the upside maybe forthcoming on the opening trading week of 2024.

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OIL doing its usual pre-rise waves before a big surge.

DAILY DATA METRICS:

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So far so good.

At this point now, doubt has no place.

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RARE BEAUTY.

BUY. HOLD. ENJOY THE VIEW to the top.

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Weekly data is conveying: DON'T DOUBT.

TAYOR.

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OIL is prepping to touch these price points based on its recent price movements: 90 , 120

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4h data update:

Upside continuation in order.

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Moving based on expectation.

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This is poised to breakout soon -- and may targets it's previous peak at 92.0 range.

TAYOR.

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Daily data update:

Price shift has been spotted.
Higher lows.
Fresh ascend attempt is in order.

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OIL is bouncing perfectly on its ascending support line.
Here is the possible scenario.

TAYOR.

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4h double bottom has been registered today.
First good sign for reversal to the upside.

TAYOR.

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STRONG BUY.

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So far so good. Interim target set at 87.0

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Analysing last week's candle close, we maybe looking at a new rise soon.
This will target 85.0 levels, based on our long term histogram metrics.

'Early' Bear shift signal has been registered. A pre surge move.

TAYOR.

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This is moving based on expectation.

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REITERATION: STRONG BUY.

78.50

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There ya go. Almost at 80 now.

Further rise is expected.

HOLD.

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1h data update:

Upside continuation in order.

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LONG TERM HISTOGRAM UPDATE:

We got the "BEAR DETACHMENT" Signal, a pre-surge alert!

Expect significant price growth ahead in the next few weeks from the current range of 74.0

TAYOR.

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So far so good.

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Moving based on expectation
Further price growth is expected.

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Daily data update:

OIL respecting its stair-up key levels -- ascending based on expectation.
Next target set at 81-82 levels.

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Weekly data update:

OIL is poised for more significant price growth in the next couple of weeks as it inch towards the heatzone area -- the breakout zone. We are now below it, an attempt to touch this area is very high at this point and eventually poke a breakout soon.

TAYOR.

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So far so good, we got good gains from our spot a few days back.

Now oil is resetting up again for another round to the upside based on 1h data.

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Beautiful rise. More to go.

Going as planned based our spot last June 19.0

Keep it burning.

TAYOR.

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Moving perfectly now as expected.

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Daily data update:

Massive shift has been spotted on the daily.
Oil is now eyeing a re-tap of 85 area from the current price of 77.0

TAYOR.

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Bouncing on a strong 6-month support. Good rise is expected from here on.

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Inching closer to re-tapping 80 levels -- which we have expected to happen.

More series of ascend awaits OIL.

TAYOR.

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Long term data metrics update:

REITERATION: VERY STRONG BUY!

We are finally shifting, and strongly at that.
Long term Upside reversal has now transpired.
Get ready for some weighty price ascend from the current price zone.

Spotted at 72.0
Interim target at 80.0
Long term 90.0

TAYOR.

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OIL will keep burning it up.

Spotted at 72.0

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Daily data update:

STRONG BUY HOLD.

Oil is ripe for another ascend targeting 80 levels on an incoming run-up..

Spotted at 74.5

TAYOR.

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We are 76 bound from the current range of 72.0

Next interim target thereafter is at 80 zone.

TAYOR.

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So far so good. We've risen nicely from our last spot from 69.0 levels.

I expect more price growth from the current range -- targeting 84.0 range as midterm target.

Spotted at 71.50

TAYOR.

JSAL

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