On Wednesday last week, we saw price rocket up and take out the $60 level, followed by two days of consolidation around those highs.
This would suggest continued bullishness in the short-term.
However, the bulls aren't building on momentum here and perhaps their new monthly highs are tenuous at best.
I'd like to see bullish price action pushing off the $60 level before I load up a long trade. Perhaps a 4-hour or 8-hour engulfing candle would do the trick.
If price closes below $60 on the daily charts, I think a run back to $58 is extremely likely.
Either way, I like WTI for a trade. If it bounces, I have a nice level to play off. If it fails here, I'll short with the same enthusiasm.
This would suggest continued bullishness in the short-term.
However, the bulls aren't building on momentum here and perhaps their new monthly highs are tenuous at best.
I'd like to see bullish price action pushing off the $60 level before I load up a long trade. Perhaps a 4-hour or 8-hour engulfing candle would do the trick.
If price closes below $60 on the daily charts, I think a run back to $58 is extremely likely.
Either way, I like WTI for a trade. If it bounces, I have a nice level to play off. If it fails here, I'll short with the same enthusiasm.
Comment:
Price failed to hold $60 on the daily charts, shorts down to $58 favoured
Trade closed: target reached