WTI is currently stuck between two important price levels—the 0.5 retracement at $67.292 and the 0.618 at $81.19. With WTI priced at $72.146, it's about $4.854 away from the 0.5 level and $8.854 away from the begining of the golden pocket.
Technically, WTI has breached a local support area at 72.80$, indicating a downward trajectory towards the lower section of a descending channel. Since the conclusion of September, WTI has been following a downtrend.
Now, let's talk probabilities:
Probability of reaching 0.5 = (Current position relative to 0.5 Fibonacci) / (Total Range) = 4.854 / 15.036 ≈ 0.3229
This indicates a 32.29% probability of WTI reaching $67.292.
Probability of reaching Golden Pocket = (Current position relative to Golden Pocket) / (Total Range) = 8.854 / 15.036 ≈ 0.5887
This suggests a 58.87% probability of WTI retracing to $81.19.
These calculations give us a sense of where WTI might move, but keep in mind that other factors like market trends and global events can also play a big role in its direction.
Technically, WTI has breached a local support area at 72.80$, indicating a downward trajectory towards the lower section of a descending channel. Since the conclusion of September, WTI has been following a downtrend.
Now, let's talk probabilities:
Probability of reaching 0.5 = (Current position relative to 0.5 Fibonacci) / (Total Range) = 4.854 / 15.036 ≈ 0.3229
This indicates a 32.29% probability of WTI reaching $67.292.
Probability of reaching Golden Pocket = (Current position relative to Golden Pocket) / (Total Range) = 8.854 / 15.036 ≈ 0.5887
This suggests a 58.87% probability of WTI retracing to $81.19.
These calculations give us a sense of where WTI might move, but keep in mind that other factors like market trends and global events can also play a big role in its direction.
As WTI easily makes 3$ move a day, we may see a touch below 67 and further growth is expected.