This is a 1 Month Chart.
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking WTI Crude on the MIB
At the time of writing during the Asian session the price of WTI Crude is trading below the previous day close and the current day DCB REF PRICE of 68.90 USD
and below yesterday's peak @ 89.40 USD aswell as below the
200 Day MA on the 1 Year Chart @ 95.50 USD
200 Day MA on the 1 Month Chart @ 88.00 USD
200 Day MA on the 5 Day Chart @ 86.45 USD
The price of WTI Crude have moved below the Support established on 03/09/2022 , 16/08/2022 and 27/01/2022 @ 86.50 USD today will be a double test for support during the European an American trading sessions since it already failed during the Asian session.
On the 5 Day Chart I have indicated the trading period for today with two black vertical line on 06/09/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the October contract and 08/09/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 86.90 USD (as indicated as a horizontal BLUE solid line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE to +10 to the UPSIDE and -10% to the DOWNSIDE of the DCB REF PRICE.
This is the Maximum expected range of volatility for the day.
Today I have noticed this bearish chart pattern starting at the open of the Asian session approximatley 02:00 UCT +2 time on 07/09/2022 and used
the trendline tool to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price WTI CRUDE might close today as those lines
intersect the DATELINE II
85.05 USD = TRENDLINE I
81.53 USD = TRENDLINE II
75.63 = TRENDLINE III
85.05 USD seems most likely and if low liquidity during the european lunchtime at 12:15 - 12:45 UCT +2 time allows the price to surpass this point I will sell in order to buy at the current day DCB during the American open or decide otherwise earlier depending on the situation.
81.53 USD is my current day target and my EXIT POINT if this price level is reached the trade is closed or
trade is closed at the end of the european session trading day since I am shorting order to reduce of the price of WTI opening positively bouncing of the psychologcial level @ 80.00 USD for a brief period.
75.63 USD seems too bearish for the day but probable for the end of the week.
So my trade for today is as follow...
POSITION: SHORT
EXIT POINT: 81.53 USD (TRENDLINE II)
STOP LOSS : 87.76 USD
ENTRY POINT: Current day DCB
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking WTI on the MIB
Expected Profit 18.54% and Expected loss 3%
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking WTI Crude on the MIB
At the time of writing during the Asian session the price of WTI Crude is trading below the previous day close and the current day DCB REF PRICE of 68.90 USD
and below yesterday's peak @ 89.40 USD aswell as below the
200 Day MA on the 1 Year Chart @ 95.50 USD
200 Day MA on the 1 Month Chart @ 88.00 USD
200 Day MA on the 5 Day Chart @ 86.45 USD
The price of WTI Crude have moved below the Support established on 03/09/2022 , 16/08/2022 and 27/01/2022 @ 86.50 USD today will be a double test for support during the European an American trading sessions since it already failed during the Asian session.
On the 5 Day Chart I have indicated the trading period for today with two black vertical line on 06/09/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the October contract and 08/09/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 86.90 USD (as indicated as a horizontal BLUE solid line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE to +10 to the UPSIDE and -10% to the DOWNSIDE of the DCB REF PRICE.
This is the Maximum expected range of volatility for the day.
Today I have noticed this bearish chart pattern starting at the open of the Asian session approximatley 02:00 UCT +2 time on 07/09/2022 and used
the trendline tool to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price WTI CRUDE might close today as those lines
intersect the DATELINE II
85.05 USD = TRENDLINE I
81.53 USD = TRENDLINE II
75.63 = TRENDLINE III
85.05 USD seems most likely and if low liquidity during the european lunchtime at 12:15 - 12:45 UCT +2 time allows the price to surpass this point I will sell in order to buy at the current day DCB during the American open or decide otherwise earlier depending on the situation.
81.53 USD is my current day target and my EXIT POINT if this price level is reached the trade is closed or
trade is closed at the end of the european session trading day since I am shorting order to reduce of the price of WTI opening positively bouncing of the psychologcial level @ 80.00 USD for a brief period.
75.63 USD seems too bearish for the day but probable for the end of the week.
So my trade for today is as follow...
POSITION: SHORT
EXIT POINT: 81.53 USD (TRENDLINE II)
STOP LOSS : 87.76 USD
ENTRY POINT: Current day DCB
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking WTI on the MIB
Expected Profit 18.54% and Expected loss 3%