Where WTI is going to? When to short or to long?
As we've seen at the beginning of this week that WTI had reached its highest value since COVID-19 has started 40.4$. As many experts expected that it needs a nice correction before going up again, but actually what was there was like the price was just moving around 38$.
Since the 2nd of June, we have started to shape the left shoulder of the needed pattern (head & 2 shoulders) which is a very nice pattern at the end of any uptrend + a triangle in which we are waiting for any real break of it.
I see here a very nice chance to short it if a 4-hours candle closed below the bearish level to consider it as a break of the neck, then we wait for the confirmation to target 37$ then 35$ if it continued, and our stop must directly above 39$ which is the right shoulder.
Also, we can long if a 4-hours candle closed above 39$ (which is the right shoulder line) to target again 41$ (the end of the gap).
Don't forget to share with me your opinion of it. I'm waiting for your comments!
Since the 2nd of June, we have started to shape the left shoulder of the needed pattern (head & 2 shoulders) which is a very nice pattern at the end of any uptrend + a triangle in which we are waiting for any real break of it.
I see here a very nice chance to short it if a 4-hours candle closed below the bearish level to consider it as a break of the neck, then we wait for the confirmation to target 37$ then 35$ if it continued, and our stop must directly above 39$ which is the right shoulder.
Also, we can long if a 4-hours candle closed above 39$ (which is the right shoulder line) to target again 41$ (the end of the gap).
Don't forget to share with me your opinion of it. I'm waiting for your comments!
Comment:
It's attacking 83.9$ right now. Don't forget that we need a close above 39$
Trade closed: target reached:
Congrats guys! 35$ :)