WTI has been on a bullish uptrend since 20th April 2020.
Sentiment continues to be Bullish with price well above the Kumo.
On a weekly basis this market has made 4 small to moderate pullbacks to test the Kijun Sen, and then move further ahead.
These pullbacks have occurred when price has advanced more than 2ATR from the Kijun Sen.
Presently WTI is making a small pullback ( as price is once again > 2ATR) . Ichimoku indicators supporting this are
1. Senkou Span B is flat = suggesting some consolidation in price.
2. Tenkan Sen is flat = short term indicator suggesting the pullback is only in the near future.
Major Support is seen at 95.00 - 97.00
1. The Chikou Swing Low - 97.00
2. Senkou Span B
Major Resistance at 121
1. The Chikou Swing High
2. The Closing Candle High
What will next week be like ?
It is possible that the Market will continue to RANGE. A MTF with this pair WRT ICHIMOKU , shows the lower time frame is RANGE with all indicators flat.
IF price breaks 103 , then look to the Major Support below.
IF price breaks 112 , then look to the Major Resistance above.
Sentiment continues to be Bullish with price well above the Kumo.
On a weekly basis this market has made 4 small to moderate pullbacks to test the Kijun Sen, and then move further ahead.
These pullbacks have occurred when price has advanced more than 2ATR from the Kijun Sen.
Presently WTI is making a small pullback ( as price is once again > 2ATR) . Ichimoku indicators supporting this are
1. Senkou Span B is flat = suggesting some consolidation in price.
2. Tenkan Sen is flat = short term indicator suggesting the pullback is only in the near future.
Major Support is seen at 95.00 - 97.00
1. The Chikou Swing Low - 97.00
2. Senkou Span B
Major Resistance at 121
1. The Chikou Swing High
2. The Closing Candle High
What will next week be like ?
It is possible that the Market will continue to RANGE. A MTF with this pair WRT ICHIMOKU , shows the lower time frame is RANGE with all indicators flat.
IF price breaks 103 , then look to the Major Support below.
IF price breaks 112 , then look to the Major Resistance above.