WTI - Weekly possible H and S, Monthly possible Hammer candle. Very important to look at all time frames. Bullish EIA oil report today, Hurricane news and dollar weakness. WTI Net long contracts increased. I think we head to $75 with hurricane news.
So this is the second retest from last month's selloff. Is there sufficient supply to push price back down?
R:R target - 1:3
SL - 71.85
Entry - 70.85
TP - 67.85
I think this market is still bullish, as it conforms to the supporting lines of the up trending fork. We haven't had any lower lows for some time. I think it's heading for the resistance level above and is going to test those prior highs at about 71.25 soon.
This will be my views of WTI Crude (Sept 2018)
Please make sure to read the "update" comment as there will be changes along the way.
Cheers.
S0nic
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pullbacked to the triangle
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We are at an important decision for WTICOUSD, here are two very possible outcomes . The first is illustrated with the green arrows, and the second is in red. I trade triangles as a continuation pattern rather than a reversal pattern, so I am looking for an upside breakout of the triangle with a retest confirming we will move higher. If we break to the downside of ...
