WTI crude should start descending the week of 19 April, 2021
The most significant levels are marked on my weekly chart above. The high of 74.50 was achieved late in 2019 but I don't think we are going to get there this time. The area around 63.50 was reached 2 times in the recent past but it held firm each time. Now we have been there again, the bulls did break above but were quickly defeated creating what we traders call a false break. The last weekly candle has tested the 63.50 from below and I think we are ready for a nice bearish move.
s3.tradingview.com/s...shots/j/JK338qYF.png
Taking a look at the daily price action, we can see that the break above was quickly overcome by a large bearish candle. It is the largest bearish candle in the entire chart in view and that tells me that the bears did take over control. The following price action is a consolidation, rather weak judging by how much time it has taken to recover the territory gained earlier by the bears.
I am ready to take a short as soon as the market stabilizes on Monday with an initial target to the bottom of this equidistant channel. I will watch PA if this works out, possibly to extend my target to the 52.00 area. Even with the higher target we have a 3.50 or 4.00 R trade.
Please give my analysis a "thumbs up" if you like it.
As always, please use sound money and risk management in all your trades.
s3.tradingview.com/s...shots/j/JK338qYF.png
Taking a look at the daily price action, we can see that the break above was quickly overcome by a large bearish candle. It is the largest bearish candle in the entire chart in view and that tells me that the bears did take over control. The following price action is a consolidation, rather weak judging by how much time it has taken to recover the territory gained earlier by the bears.
I am ready to take a short as soon as the market stabilizes on Monday with an initial target to the bottom of this equidistant channel. I will watch PA if this works out, possibly to extend my target to the 52.00 area. Even with the higher target we have a 3.50 or 4.00 R trade.
Please give my analysis a "thumbs up" if you like it.
As always, please use sound money and risk management in all your trades.