Beautiful formation on WTI Crude Oil. Looking at the 4H timeframe, we can see that the price is hovering around a very high key area near $120.00 in addition to retesting the upper trendline of the big ascending formation.
Not breaking above this zone will be an amazing short opportunity to retest previous lows. Our first target for this trade will be the beginning of the smaller ascending around $113.00. Breaking $113.00 will push the price for further downside towards $109.22 and $107.00.
Moreover, if the price manages to break below the ascending formation, we may see further continuation towards $103.00 and even $99.00.
As always, trade safe and focus on your risk management. Goodluck!
M.Y.
Not breaking above this zone will be an amazing short opportunity to retest previous lows. Our first target for this trade will be the beginning of the smaller ascending around $113.00. Breaking $113.00 will push the price for further downside towards $109.22 and $107.00.
Moreover, if the price manages to break below the ascending formation, we may see further continuation towards $103.00 and even $99.00.
As always, trade safe and focus on your risk management. Goodluck!
M.Y.