WTI has turned bullish. Actually it has started a confirmed counter bullish correction on the weekly (within the major bearish trend) and made a bullish breakout on the daily. From now it likely remains a buy on dips!
Weekly:
- Price broke out on the top side of the flag and the horizontal range. Correction can continue up to 65 weekly bearish support (Kijun Sen and Kumo)
- Heikin Ashi signal is bullish, haDelta/SMA3 is firm above zero level, and still has room to move higher to extreme (see green horizontal line in haDelta indicator panel)
Daily:
- Bullish Kumo breakout happened, but needs one more confirmation: Chikou Span should also climb above past Kumo and Price should break above 57. This will likely happen, but for now 57 may act as minor resistance and Price can dip back a bit towards 53-54 support. That would be a good level to watch for bullish HA signal to open more long positions.
- Heikin Ashi is still bullish, but we need to watch for the candle body and haDelta/SMA3 quantification today, as the bullish momentum may slow down short term ard 57 resistance. It will not necessarely happen, but if it does, we will see some consolidation and maybe a pull back, which we could use to enter long again.
The optimal buy zone is ard 53-54.
Do not try to short WTI, that is not a good risk-reward trade any more. Try to buy it in pull backs!
In case you are long, do not sell all your position. If you feel like a pull back is possible, than take profit only partially, and always be ready to re-enter longs!
Weekly:
- Price broke out on the top side of the flag and the horizontal range. Correction can continue up to 65 weekly bearish support (Kijun Sen and Kumo)
- Heikin Ashi signal is bullish, haDelta/SMA3 is firm above zero level, and still has room to move higher to extreme (see green horizontal line in haDelta indicator panel)
Daily:
- Bullish Kumo breakout happened, but needs one more confirmation: Chikou Span should also climb above past Kumo and Price should break above 57. This will likely happen, but for now 57 may act as minor resistance and Price can dip back a bit towards 53-54 support. That would be a good level to watch for bullish HA signal to open more long positions.
- Heikin Ashi is still bullish, but we need to watch for the candle body and haDelta/SMA3 quantification today, as the bullish momentum may slow down short term ard 57 resistance. It will not necessarely happen, but if it does, we will see some consolidation and maybe a pull back, which we could use to enter long again.
The optimal buy zone is ard 53-54.
Do not try to short WTI, that is not a good risk-reward trade any more. Try to buy it in pull backs!
In case you are long, do not sell all your position. If you feel like a pull back is possible, than take profit only partially, and always be ready to re-enter longs!
