WTI has clearly respected a key structure support level on a daily.
we see a sequence of rejection/dodji/engulfing candles and rsi divergence as well.
I have a bullish bias on WTI and currently hold a long position.
My stop is 50 level but I have entered a few days earlier.
Key levels for targets:
On the weekly continuation chart a WXY correction ended last week and we got a bullish engulfing candle. There are three wave moves to the downside and upside which means it is now struggling to create a clear five wave moves, but it is still pushed upwards. This can form an ending diagonal pattern, but is not finished yet, at least one abc to the upside is needed.
So Russia said they would provide everyone with fuel, they said "no one in Europe will freeze". They also reminded us they are tired of sanctions, which weaken the US currency.
Recently, and this was ignored in US and international news, the US stabbed France in the back. France that still think they are a major power (they are still in the top 5 or at least 10...
WTI Oil is approaching a key weekly/daily structure resistance.
76.8 - 77.2 is our potential reversal zone.
Being heavily overbought, we may catch a pullback from that.
Our confirmation will be a bearish breakout of a rising channel on 4h.
In case of a 4H candle close below its support, a bearish...
The rise in oil seems to never end, all estimates are up, the target is $ 100 a barrel for authoritative institutional sources.
I have "surfed" the trend from the terrible COVID collapse to today, where I believe it is appropriate to take profit, leaving as always a small part in the portfolio, considering the fantastic average purchase price.
... for a 21.00 debit.
Comments: Taking a bearish assumption directional shot in oil here by buying the 82 and selling the 78 in the December expiry, risking $2100 to make $1900 with a 79.90 break even.
Crude Oil at a long term major inflection point.
Classic TA says we will face some headwinds here, but strong weekly candles suggest we may look to head north before a pause.
watch out for these levels.
This level has been only tested on 3 occasions in last decade.
WTI Oil finally reached our goal.
What is next?
Here are the key levels for you to watch:
Resistance 1: 73.7 - 74.2
The price is approaching that area at the moment.
Being quite overbought, we might expect a pullback from that.
Next week I will look for a confirmation to short from there.
I will post the...
WTI is approaching daily/intraday zone of demand.
To catch a bullish move with a confirmation,
watch a double bottom formation on 1H.
71.1 - 71.5 is its neckline.
Wait for its bullish breakout (1H candle close above),
they buy aggressively or on a retest.
The first goal will be 72.9
In case if the price...