lyl89

WTI Analysis

TVC:USOIL   WTI Crude Oil
Yes, it's all over the news that OPEC has agreed to cut production by 1.2 million barrels a day by January, will it be short lived?
WTI has increased more than $4 since yesterday, and I see a potential bearish bat pattern forming.
PRZ is around the daily resistance level at $51 to $52.
Good R:R at 3.6 (TP1) and 19.7 (TP2).
WTI will probably continue to rise gradually.

Do take note of the bullish ascending triangle as well, to go long if resistance is broken.

I will update when price nears resistance.
Trade active: Not sure why my broker's price for WTI is slightly lower, it did not close above PRZ or SL price on my chart.

Pattern has completed and showed retracement, I have shorted at 51.5 last night.
Trade closed manually: In view of Bank of Canada's interest rate decision in 1 hour's time, I have decided to close my position at $50.25 with 125 pips profit.
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