End of Month Review
April has been an indecisive month for oil, closed with a green but spindle-shaped candle (the up and down wicks are of equal length).
On the weekly, daily and 4 hour candle patterns are all bearish, suggesting the bears are gaining momentum, however WTI at the moment is not traded at a discount compared to Brent, hinting it might go up before going down.
Disregarding future up-spikes or downward spirals, I believe in the medium term, average price will meander along a curve, which the Bulkowski guy called scallop top (or is it barracuda's back? something fishy anyway).
I'm also still waiting for the dark cloud cover formation to come into fruition, sending price below 90 in a couple of weeks.
Key levels to watch:
In order for upward trajectory to hold, bulls will need to conquer the $108 and $110 level, with the next level of resistance holding firm at $116.58 (the 14.4% Fib of the 2008 – 2020 move). If this level is broken, a break of the psychological $120 mark could leave the door open for a retest of the 2022 high at $130.5.
For bearish momentum to gain traction, sellers would need to drive prices below $100 which could then bring $93.56 (the 38.2% retracement of the Nov 2020 – 2022 move) into play. If prices continue to fall below $90 and $88.39 (23.6% Fib of the 2014-2016 move), it is possible for WTI to retest $80.
Hope you enjoy my fish.
Disclaimer: I'm not a signals provider, trading trainer, quasi-fund manager, or a brokerage promoter. In short, I'm not soliciting for business in the Tradingview space or anywhere else. If you read that I'm CEO of The Grand Nagus Unlimited Ltd., without cracking a smile, you need to watch telly a bit more. The opinions stated in my posts are for entertainment purposes only.
On the weekly, daily and 4 hour candle patterns are all bearish, suggesting the bears are gaining momentum, however WTI at the moment is not traded at a discount compared to Brent, hinting it might go up before going down.
Disregarding future up-spikes or downward spirals, I believe in the medium term, average price will meander along a curve, which the Bulkowski guy called scallop top (or is it barracuda's back? something fishy anyway).
I'm also still waiting for the dark cloud cover formation to come into fruition, sending price below 90 in a couple of weeks.
Key levels to watch:
In order for upward trajectory to hold, bulls will need to conquer the $108 and $110 level, with the next level of resistance holding firm at $116.58 (the 14.4% Fib of the 2008 – 2020 move). If this level is broken, a break of the psychological $120 mark could leave the door open for a retest of the 2022 high at $130.5.
For bearish momentum to gain traction, sellers would need to drive prices below $100 which could then bring $93.56 (the 38.2% retracement of the Nov 2020 – 2022 move) into play. If prices continue to fall below $90 and $88.39 (23.6% Fib of the 2014-2016 move), it is possible for WTI to retest $80.
Hope you enjoy my fish.
Disclaimer: I'm not a signals provider, trading trainer, quasi-fund manager, or a brokerage promoter. In short, I'm not soliciting for business in the Tradingview space or anywhere else. If you read that I'm CEO of The Grand Nagus Unlimited Ltd., without cracking a smile, you need to watch telly a bit more. The opinions stated in my posts are for entertainment purposes only.
Disclaimer
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