WTI shows a pattern that usually has a negative outcome this way, however it broke out on the upside but i think it will fall back in creating a false move. When it falls below 51,60 i will go short with very much confidence! As i am writing this it is making the pullback and testing the outbreak so we are getting close now.
A few weeks ago Brent crude made a similar pattern but instead of breaking it downwards it accellerated to the upside! I got pushed out extremly fast that time :(
The commodities market works a bit different than other markets, especially with certain patterns (the patterns short term are rarely textbook but with some experience you can recognize them . So some caution is always neccesary!
This is a short term trade for me, i am extremely bullish on the long term, but this trade could be a great opportunity. Good luck
Entry when it drops below 51,60 Stop at 52,20 Target 49,20
@SN_Doumet,
I am bullish for the long term, so i dont see it dropping to much. Brent crude has already broken out for the long term
therancher
⋅
I think one thing to consider is the geopolitical element. I think that is contributing more so in this time period more significantly than pure fundamentals. It's almost like it is staying around the 51-52 range give itself an opportunity for a pop. I think once it actually finds a clear picture a massive and abrupt move happens.
therancher
⋅
I think your take has merit
botje11
⋅
@therancher,
The (small) pullback still seems successful, it should have bounced upwards a bit more enthusiastic,
However, normally with a false breakout it should have dropped much faster than this. I am still waiting for my entry point