WTI Crude Oil front expiration: Navigating Correction and Target

NYMEX:CL1!   Light Crude Oil Futures
The WTI crude oil market experienced a robust response, essentially reversing the downward trend observed on Thursday's session. Currently, the market is exhibiting a corrective structure, and we are monitoring whether it follows a pattern of 3 waves (ABC) or 5 waves (ABCDE).

As of our current position, the delta stands at -0.03, indicating a neutral stance.

The bullish outlook has seen success with the attainment of the target at $76.00 indicated in the previous report, if the upward pressure would persist, the next targets are located on $77.50 as first and at $78.50 as second.

It's essential to note that, as our position is currently neutral, our trading system doesn't set any rebalancing level or stop loss.

On the bearish side, the initial target is set at $75.00, followed by the second target at $73.90.

In simpler terms, the market initially faced a downturn but has since shown signs of correction. Our position is currently delta neutral, with specific target levels for both bullish and bearish scenarios.
The WTI crude oil holding on the relative high resistance. Stochastic in oversold area could push the price to move in a lateral trading range between $75.90 and $76.90 at least till the Wall Street open.
We looking for a retracement till $75.00/$74.90 (Fibonacci level).
Our current position's delta: -0.30 barely negative. Mandatory rebalance level/Stop loss: On breakout of today's high. Bullish targets: first $77.60, second $78.50. On the bearish side, the initial target is set at $75.40, followed by the second target at $74.90.
Bullish pressure !!! Just rebalanced our position's delta(from -0.28 to 0.03). Waiting for the first bullish target.
See you all next update.
First bullish target reached.
just set our position's delta to -0.30(moderately negative).
First Bearish target $76.80
Seconds Bearish target $76.00/$75.80
Mandatory rebalance level/Stoploss: on breakout $78.00

Delta Zero team.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.