a lot of followers have asked about my thoughts on WTI and when can we expect a pullback after a selling rally.
currently, I still have a short trade active from 63.0 level BUT the market has finally reached first strong structure support and analyzing a price action it looks like indeed selling volumes are weakening.
on a weekly and on a daily you can see a very peculiar conjunction of vertical and horizontal support.
on 1h the price started coiling within a falling channel. for us, a bullish breakout of it will signify a change in sentiment so it will be a perfect confirmation to long the market.
target levels will be 59.75 / 61.0
stop stictly below the channels last L.L
*remember, this is not a call to action trade. I give you my plan on execution. Let the conditions to be met before trading!