Strong Sell: WTI Daily level looking at 47.74

FX:USOIL   CFDs on Crude Oil (WTI)
WTI breaks the previous wedge on 10/17 morning;

Daily the level, it is a pretty good chance to short when pullback a little near the lower bound of the wedge again (around 49.9). Two target, consider to play bear conservatively, have been set for this trade: 49.06 and 47.74. On the top of that, it is very likely to see the "retrace 0.618 point" later this week or earlier next week. Then it might a good chance to long from there. (I will update that part next week)

At the moment, SL could be safe to set at the higher bound of the wedge .

Best luck and enjoy the trading;

Comment: break out at 50.7, SL triggered


draw lower wedge support through EIA wick and you'll get an intact wedge
XiaoLi GeneTyne
that sounds reasonable my friend; however it could also explain as a libra pattern while 50.55 can be seen as a should in the pattern; as now I can see, it is not likely to go higher than that in the next couple days.
GeneTyne XiaoLi
stats this week will sort it out. but probably more consolidation around here
XiaoLi GeneTyne
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