Two possible paths for WTI this week
As per my chart, we are either on W3 or have completed W3 and are on W4 and we will be re-testing they Key Point of Control Range of 50.90 - 51.09 again. Now the escalating Kirkuk situation should give us support at this Key Point of Control Range to form W5 and take us to test the previous high of 52.80. Now that said, with Rollover on the 20th we are going to need to hit the previous high of 52.80 fairly early on in the week because the later that happens the less likely that target will be reached.
If WTI breaks through the Key Point of Control Range of 50.90 - 51.09, I fully expect us to re-test the Key Demand Zone of 49.20 - 49.35, with the possibility of us ending the week just under sub 49.
Monday's Vol. Range based off Friday's OVX Close: 50.59 - 52.55 (Key Range).
If WTI breaks through the Key Point of Control Range of 50.90 - 51.09, I fully expect us to re-test the Key Demand Zone of 49.20 - 49.35, with the possibility of us ending the week just under sub 49.
Monday's Vol. Range based off Friday's OVX Close: 50.59 - 52.55 (Key Range).
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