Looks like WTI is currently in a triangle structure with 4 clear 3 waves giving us an ABCD. So I believe we will get a 3 wave structure to the upside giving us an ABCDE 3-3-3-3-3 triangle. Going to long here with a stop at just below the wedge floor.
We can see that prices for Oil have dropped drastically over the past 2 weeks with a previous a consolidation phase and Bullish channel being broken. Bat formation is visible followed by a five drive pattern formation hoping for price to keep above major support area 50.48 and retest for a long position to level 65.00 as a TP. Keep note that oil prices are ...
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 ...
WTI Opec's plans to cut output with Russia.
Technically, if that happens, the WTI prices will soon return to 58--60 tests
So, we wait for better cattle
Good luck to you, support you like, please leave your ideas below
After the massive decline, the correction continues. How high can it climb? As a Fib trader I would like to take profit at Ret-23.6. The SL below the most recent support/resistance area just below 51.5.
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.
Coincidentally the commodity stopped its decline at the 50.00 level. At the level, where US Crude Oil production stops being profitable. At the level, where Saudi Arabia starts getting budget issues. At the level, where Russia announces production cuts while statistics show increases. The cartel and the US will push the price higher. The only question is - how high?