Hey, traders. Thank you for comments and boosts.
Today's chart is WTI. Let's check it quickly.
We can see
1. the descending channel.
2. bottom support on 70.000
3. resistance on 80.500 and 89.000
We should check
Friday - UK GDP (YoY), UK Manufacturing Production (MoM) (Nov)
We can expect
1. upward movement to 89.000 by breaking the resistance on 80.500 (we should see if the price breaks 81.500 too.)
2. downward movement by resistance on 80.500 and extend the descending channel.
WTI Price had dropped by resistance on 81.500 last time but rebounded from bottom line of the descending channel.
If the price cannot break the resistance on 80.500 this time, it will drop under bottom line and extend the descending channel.
But, as we expect, if the price breaks the resistance on 80.500, it will keep rise to middle line of the descending channel which in on 89.000.
For now, it will be better to wait if the resistance on 80.500 is broken or not.
If the price breaks 80.500 and 81.500, that will be a chance to have long position.
but, if the price fail to break the resistance, this will be a chance to have short position.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Today's chart is WTI. Let's check it quickly.
We can see
1. the descending channel.
2. bottom support on 70.000
3. resistance on 80.500 and 89.000
We should check
Friday - UK GDP (YoY), UK Manufacturing Production (MoM) (Nov)
We can expect
1. upward movement to 89.000 by breaking the resistance on 80.500 (we should see if the price breaks 81.500 too.)
2. downward movement by resistance on 80.500 and extend the descending channel.
WTI Price had dropped by resistance on 81.500 last time but rebounded from bottom line of the descending channel.
If the price cannot break the resistance on 80.500 this time, it will drop under bottom line and extend the descending channel.
But, as we expect, if the price breaks the resistance on 80.500, it will keep rise to middle line of the descending channel which in on 89.000.
For now, it will be better to wait if the resistance on 80.500 is broken or not.
If the price breaks 80.500 and 81.500, that will be a chance to have long position.
but, if the price fail to break the resistance, this will be a chance to have short position.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
