A great opportunity to sell in WTI
Midterm forecast:
The current trend is downtrend and the forecast is continuation of downtrend.
Technical analysis:
While the RSI resistance #1 at 50 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 49.45 on 11/29/2018, so more gains to resistance(s) 52.20, 54.10, 56.00 and maximum to Sell Zone (61.85 to 63.90) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 30.
Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (61.85 to 63.90). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
Beginning of entry zone (61.85)
Ending of entry zone (63.90)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits
TP1= @ 59.90
TP2= @ 56.00
TP3= @ 54.10
TP4= @ 52.20
TP5= @ 49.50
TP6= @ 48.10
TP7= @ 45.80
TP8= @ 42.60
TP9= Free
The current trend is downtrend and the forecast is continuation of downtrend.
Technical analysis:
While the RSI resistance #1 at 50 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 49.45 on 11/29/2018, so more gains to resistance(s) 52.20, 54.10, 56.00 and maximum to Sell Zone (61.85 to 63.90) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 30.
Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (61.85 to 63.90). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
Beginning of entry zone (61.85)
Ending of entry zone (63.90)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits
TP1= @ 59.90
TP2= @ 56.00
TP3= @ 54.10
TP4= @ 52.20
TP5= @ 49.50
TP6= @ 48.10
TP7= @ 45.80
TP8= @ 42.60
TP9= Free
High Accurate AI-Generated forecasts for:
🌟36 Forex Pairs
🌟175 Cryptos
🌟16 Stock & Currency Indices
🌟Gold,Silver,Oil,Gas
✅ Best Profitable Trading Strategies
✅ in 9 languages
✅ since 2007
FREE Telegram 👉 t.me/forecastcity_com
🌟36 Forex Pairs
🌟175 Cryptos
🌟16 Stock & Currency Indices
🌟Gold,Silver,Oil,Gas
✅ Best Profitable Trading Strategies
✅ in 9 languages
✅ since 2007
FREE Telegram 👉 t.me/forecastcity_com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.