CRUDE OIL (WTI/USD) – Week 9 – Time for a pullback?
Last week, Oil recovered its previous losses and hit the $64 level. We are now forming a parallel channel at the top and it looks like the price is making small higher-highs, as this may be a hint that we are losing some momentum.
It remains to be seen if we will break the lower channel line and ultimately start a bearish move that would act as a much-needed pullback that can push the price back to the $60 level.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and it may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
It remains to be seen if we will break the lower channel line and ultimately start a bearish move that would act as a much-needed pullback that can push the price back to the $60 level.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and it may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: stop reached
