WTI scenario for first week in Aug '16
Updated
A pull back from the drops is long overdue. The yellow triangle could provide the area of the next test between bulls and bears - straight after the EIA report at 10.30am on Wed 3rd. A good report and falling USD could result in a channel breakout. Another bad report could see crude falling to the next fib at 38.84, and another cigar for bears.
Note
A pull back from the drops is long overdue. The yellow triangle could provide the area of the next test between bulls and bears - straight after the eia petroleum status report eia.gov/petroleum/supply/weekly/ at 10.30am on Wed 3rd. A good report and falling USD could result in a channel breakout. Another bad report could see crude falling to the next fib at 38.84, and another cigar for bears.
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