A 'rising wedge" pattern is one of the most bearish candlestick patterns out there. It's when the highs consolidate with the lows in the shape of a sharp triangle going up. When the support trend-line breaks down - A trend reversal is usually ON!
Meaning that from higher highs and lows the shift is to lower highs and lows and new lower targets are targeted.
Yesterday I've covered how a break below 104.50 can be the beginning of a $10 or more drop down. 105.60 is another important support level to be broken and a blockage on the way down.
Today is a very critical day as it may break this level, the other scenario is that WTI could retest the broken rising wedge at the high 107's low 108's.
Pay close attention to the WTI today, as this could be the beginning of a significant correction down.
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WTI is currently testing the 104.50 support! Exciting to see if the day would close lower, could mean very high potential downside , could be 93 within a week or so technically.
Thank you so much for this! The problem is all the news about the War.Sometimes it looks like it is not predictable :(
Tradersweekly
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I agree with you. I have a similar target.
davy101
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Lol.. This is currently a pull back and retest of channel breakout in a parallel channel. Sure it will become a short if 100 becomes resistance but that doesn't look likely with current price action. We been grinding against support of the channel bottom line since yesterday... So redraw your lines mate you wrong here.
Exactus
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@davy101, let's wait and see.. could be retest of 107-108 but that's the highest I see WTI for now
davy101
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@Exactus, sweet yeah, to me looks like the abc drops completed and we started a new wave 1 bull trend which was completed and we did a wave 2 , but lets see, here is my chart as im at my laptop now
@davy101, I see your point, but consider the tunnel you have from the low is a bear flag, bearish continuation pattern imo Also - Remember we are trading the highest price in over a decade , fragile.. it's always good to be on the direction with the most length to go according to my experience