When WTI (West Texas Intermediate) crude oil reaches the 78.6% Fibonacci retracement level, a common behavior is to experience a reversal or consolidation.
This may indicate a shift in trend to bullish or a period of consolidation before further movement.
The current Fibonacci level aligns with a significant historical support area with ±77$ price range, it may strengthen the potential significance of this fib level as a support zone.
Taking into account the current geopolitical situation, while military conflicts may seem to pause or temporarily de-escalate, it doesn't necessarily mean they have been fully resolved, and anything can happen.
To summarize, I see LONG potential up to the next fibs as the targets (65)
Best of luck!
This may indicate a shift in trend to bullish or a period of consolidation before further movement.
The current Fibonacci level aligns with a significant historical support area with ±77$ price range, it may strengthen the potential significance of this fib level as a support zone.
Taking into account the current geopolitical situation, while military conflicts may seem to pause or temporarily de-escalate, it doesn't necessarily mean they have been fully resolved, and anything can happen.
To summarize, I see LONG potential up to the next fibs as the targets (65)
Best of luck!
Trade active:
Trade open:
BUY @ 74.58$
BUY @ 74.58$
Trade closed: stop reached:
Stop reached @ 74.18$
Trade active:
Re-entering trade @ 73.217 $
Trade closed: stop reached:
Stop reached @ 73$
Trade active:
Re-entering trade @ 72.47
SL 71.47
TP 77.47
SL 71.47
TP 77.47
Trade closed manually:
Closed on BE
Trade active:
Re-entering trade @ 68.23
SL 66.73
1st TP 71
2nd TP 73
3rd TP 75
SL 66.73
1st TP 71
2nd TP 73
3rd TP 75
Trade closed: target reached:
First part closed on 3$ profit mark @ 71.27
Otherwise, moving SL to BE.
Otherwise, moving SL to BE.
Comment:
2nd TP reached on 73$, 1/3 closed.
Overall 2/3 of current trade is closed, expecting 75$.
Overall 2/3 of current trade is closed, expecting 75$.
Trade closed: target reached:
75$ dollar target reached, trade now is fully closed.
I think it's going to head to the next support place soon at 73-74.