WTI Crude Oil - What a surprise! Incredible! 29.4
The consolidation period of close to 12 weeks is likely coming to an end with a breakout up!
A close above 102.90 (triangle consolidation resistance level) allowed the price action to proceed with up-trend targeting:
*108.30-108.50
*114.80-115
*124
*132
Width of triangle is usually the target of the breakout in terms of size of movement
This could make sense fundamentally as inflation continues to grow together with Russian oil supply fears which is likely to fall by 20% , Europe may struggle with oil supply and this offsets China's lock down for now.
Of course this may be a fake out, weekly close and next weeks open is likely to call the bluff if price returns to below 100 with a daily close.
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A close above 102.90 (triangle consolidation resistance level) allowed the price action to proceed with up-trend targeting:
*108.30-108.50
*114.80-115
*124
*132
Width of triangle is usually the target of the breakout in terms of size of movement
This could make sense fundamentally as inflation continues to grow together with Russian oil supply fears which is likely to fall by 20% , Europe may struggle with oil supply and this offsets China's lock down for now.
Of course this may be a fake out, weekly close and next weeks open is likely to call the bluff if price returns to below 100 with a daily close.
--------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea useful, please like and follow! It would mean a lot to me!
I promise to respond to any and all comments/questions - Don't hesitate to ask.
Thank you :)
---------------------------------------------------------------------------------------------------------------------------------------------------
Trade active:
Breakout continued!
Expect continuation of up-trend or retest down with today's volatility brought by the Crude oil inventory
Expect continuation of up-trend or retest down with today's volatility brought by the Crude oil inventory
Trade active:
First level to break with the new up-trend is a close above 108 and looking like we are well on the way!
