WTI Crude Might Have Carved Multi Year Low At 19.30
WTI Crude monthly chart has been presented on a log scale with potential wave counts. The rally between 10.65 low on December 01, 1998 and 147.27 high (July 2008) was an impulse, labelled as Wave (1). The subsequent drop A-B-C has been corrective and might have terminated at 19.29 levels, labelled as Wave (2). Also note prices bouncing from close to the channel support around 19.00/30 levels. Wave (2) has retraced Wave (1) by over 88%, and the structure would remain valid until prices stay above 10.65. The above structure might be indicating that WTI Crude is setting up for a multi-year rally as Wave (3) might be underway since the 19.30 lows. Even if prices drop below 19.30, it should be marginal before pulling back sharply.
Strategy:
Long against 19.00, targeting 66.00 and 75.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 19.00, targeting 66.00 and 75.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.