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Long

WTI Oil: Big Picture Correction Continues

OANDA:WTICOUSD   West Texas Oil
After the massive decline, the correction continues. How high can it climb? Probably up to the nearest resistance, which based on the Ichimoku analysis is at about 57. This is where: 1) the most significant recent highs, 2) the flat level of monthly KijunSen and 3) the SSB of the weekly Cloud confluence. The Fib traders might want to prefer to take profit at Ret-23.6 though. The SL below the recent lows (a support/resistance area) just below 52.
And the most important: how much are you ready to lose, if it fails? 1% of your capital? No matter what, let it be no more than you risk on your other trades.
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