arodatos
Long

Short-Term Long on CrudeOil WTI

FX_IDC:USDWTI   U.S. DOLLAR / WTI CRUDE OIL
67 0 2
On July 7 I commented on Twitter that the light crude was breaking a side structure with a technical projection around $ 41.80. Currently the price has been playing around the area of $ 42.25, a major structural zone that corresponds to the maximum of March. In this sense, I think the price could rebound in that area to reach the top of the bearish channel in which it is immersed.

The price is drawing a spinning top shaped candle on the mentioned area, which is at the same time the bottom of the bearish channel . On daily chart we see the stochastic indicator turning upward, and a small divergence in the MACD histogram. If we zoom into H1 bullish divergences can be appreciated in both indicators.

The idea is to launch a BuyStop order if the price exceeds $43.35, with Stop Loss below $41.70 and Take Profit in $46.50. It is a speculative short-term operation in which I risk less than 0.5% of the capital.
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