WTI Crude - Where to next?
What a great week it has been! Time has flown by this yr - Next month we will be half way through the yr... Really great moves in G10 space and commodities as well. The FX 2021 Yr Ahead Outlook video produced those levels are coming into play! Want access? Message us privately
(An updated video will be produced soon).
Technical view:
Short term: lower 60's - 56's areas could come into play any lower price of 54-53- IF we were to decline further. However, we go above 64's areas bulls could gain back into control.
Longer term:70's areas (Depending on Commodities & DXY Performance)
Pattern wise, coming out of triangle formation.
Fundamental factors for now:
- Investors have been concerned about a upshift in market-based measurement of inflation expectations pushing upward.
- Minutes from April’s FOMC meeting, mentioning of tapering - However, remember these are just words not the execution I feel may take place at the end of the yr. (Data dependent)
Conclusion:
Overall, the developments of commodities have escalated vastly due to the dollar depreciation and various other aspects allowing indices, commodities and majors to increase. However, WTI looks a little heavy, I feel bearish momentum short term may come into play. I'd like to scale in further positions at a better price and this really depends on your strategy on the way you trade.
Key tip: When trading any product, I approach it like a coffee business you want get your produce at the best price you can by looking at the longer term picture. Don't panic, don't let your emotions get the better of you or let other peoples influence your trade ideas and guess what if it does go wrong - JOURNAL, Why did that trade not work? but never give up, because losses are part of the game.
Have a great week end.
Trade Journal
(Just trade ideas, not recommendations)
What a great week it has been! Time has flown by this yr - Next month we will be half way through the yr... Really great moves in G10 space and commodities as well. The FX 2021 Yr Ahead Outlook video produced those levels are coming into play! Want access? Message us privately
(An updated video will be produced soon).
Technical view:
Short term: lower 60's - 56's areas could come into play any lower price of 54-53- IF we were to decline further. However, we go above 64's areas bulls could gain back into control.
Longer term:70's areas (Depending on Commodities & DXY Performance)
Pattern wise, coming out of triangle formation.
Fundamental factors for now:
- Investors have been concerned about a upshift in market-based measurement of inflation expectations pushing upward.
- Minutes from April’s FOMC meeting, mentioning of tapering - However, remember these are just words not the execution I feel may take place at the end of the yr. (Data dependent)
Conclusion:
Overall, the developments of commodities have escalated vastly due to the dollar depreciation and various other aspects allowing indices, commodities and majors to increase. However, WTI looks a little heavy, I feel bearish momentum short term may come into play. I'd like to scale in further positions at a better price and this really depends on your strategy on the way you trade.
Key tip: When trading any product, I approach it like a coffee business you want get your produce at the best price you can by looking at the longer term picture. Don't panic, don't let your emotions get the better of you or let other peoples influence your trade ideas and guess what if it does go wrong - JOURNAL, Why did that trade not work? but never give up, because losses are part of the game.
Have a great week end.
Trade Journal
(Just trade ideas, not recommendations)