WTI: USOIL A Big Week of Opportunities Ahead
Updated
WTI USOIL Week Ahead
WTI has fallen away in a straight line ever since the short triggered
on Thursday and is now around 390 or so pips to the good.
It should fall away a little lower still, towards the first
support line at 67.22 and can spike down to 66.48 at likely
lowest before it starts to bounce away to the upside again.
Look to close out at least half of the short and drop the stop
on the rest to just 11 pips above current close (but not until
London opens).
We should see a good rally from this range back as high as the
69.48 line. If wrong at this point and WTI finds no support
arriving from London it will then plunge lower still until
it can find buyers again at the 65.55 line where dynamic and
fixed support lines meet.
From a bull perspective this level must hold through the
coming week at lowest. Any failure here will tip WTI into
deeper bear territory still and force a capitulation move back
to 61.92.
Some good trades still to be had from this complex. Second
only to Bitcoin for volatility and fine trades - but the spread is
wider, which is odd considering the great old age of one
complex against the infant's age of the other. The old and the
new. Probably the two best playing-fields across the entire
spectrum of investments - for active traders and momentum
traders alike.
But ETH is beginning to challenge this hierarchy as the weeks
pass by. More on that one later
WTI has fallen away in a straight line ever since the short triggered
on Thursday and is now around 390 or so pips to the good.
It should fall away a little lower still, towards the first
support line at 67.22 and can spike down to 66.48 at likely
lowest before it starts to bounce away to the upside again.
Look to close out at least half of the short and drop the stop
on the rest to just 11 pips above current close (but not until
London opens).
We should see a good rally from this range back as high as the
69.48 line. If wrong at this point and WTI finds no support
arriving from London it will then plunge lower still until
it can find buyers again at the 65.55 line where dynamic and
fixed support lines meet.
From a bull perspective this level must hold through the
coming week at lowest. Any failure here will tip WTI into
deeper bear territory still and force a capitulation move back
to 61.92.
Some good trades still to be had from this complex. Second
only to Bitcoin for volatility and fine trades - but the spread is
wider, which is odd considering the great old age of one
complex against the infant's age of the other. The old and the
new. Probably the two best playing-fields across the entire
spectrum of investments - for active traders and momentum
traders alike.
But ETH is beginning to challenge this hierarchy as the weeks
pass by. More on that one later
Note
WTI CloserBrent Companion Chart
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