Analysis of WTI 1-Hour Chart
Current Observations:
1. Resistance Zones:
• 78.688 to 79.134: Major resistance zone indicating potential selling pressure.
• 77.203 to 77.500: Intermediate resistance area.
2. Support Zones:
• 75.453 to 75.726: Immediate support zone where the price is currently around.
• 72.719 to 72.992: Strong support zone further below, marked in yellow.
Trading Strategy:
1. Entry Points:
• Long Entry: Consider entering long positions around the support zone of 75.453 to 75.726, as it shows potential for a bounce back up.
• Short Entry: Consider entering short positions if the price reaches the resistance zone between 78.688 to 79.134, as this is a strong resistance area.
2. Take Profit (TP) Levels:
• For Long Positions:
• TP1: 77.203 (Intermediate resistance level)
• TP2: 78.688 (Lower bound of the major resistance zone)
• TP3: 79.134 (Upper bound of the major resistance zone)
• For Short Positions:
• TP1: 77.203 (Intermediate resistance level)
• TP2: 75.726 (Immediate support level)
• TP3: 72.992 (Strong support level further below)
3. Stop Loss (SL) Levels:
• For Long Positions:
• SL: 74.907 (below the immediate support zone to avoid potential further downside risk)
• For Short Positions:
• SL: 79.500 (above the major resistance level to avoid getting caught in a breakout)
Example Trade Scenarios:
1. Long Position:
• Entry: 75.453
• TP1: 77.203
• TP2: 78.688
• TP3: 79.134
• SL: 74.907
2. Short Position:
• Entry: 78.688
• TP1: 77.203
• TP2: 75.726
• TP3: 72.992
• SL: 79.500
1. Resistance Zones:
• 78.688 to 79.134: Major resistance zone indicating potential selling pressure.
• 77.203 to 77.500: Intermediate resistance area.
2. Support Zones:
• 75.453 to 75.726: Immediate support zone where the price is currently around.
• 72.719 to 72.992: Strong support zone further below, marked in yellow.
Trading Strategy:
1. Entry Points:
• Long Entry: Consider entering long positions around the support zone of 75.453 to 75.726, as it shows potential for a bounce back up.
• Short Entry: Consider entering short positions if the price reaches the resistance zone between 78.688 to 79.134, as this is a strong resistance area.
2. Take Profit (TP) Levels:
• For Long Positions:
• TP1: 77.203 (Intermediate resistance level)
• TP2: 78.688 (Lower bound of the major resistance zone)
• TP3: 79.134 (Upper bound of the major resistance zone)
• For Short Positions:
• TP1: 77.203 (Intermediate resistance level)
• TP2: 75.726 (Immediate support level)
• TP3: 72.992 (Strong support level further below)
3. Stop Loss (SL) Levels:
• For Long Positions:
• SL: 74.907 (below the immediate support zone to avoid potential further downside risk)
• For Short Positions:
• SL: 79.500 (above the major resistance level to avoid getting caught in a breakout)
Example Trade Scenarios:
1. Long Position:
• Entry: 75.453
• TP1: 77.203
• TP2: 78.688
• TP3: 79.134
• SL: 74.907
2. Short Position:
• Entry: 78.688
• TP1: 77.203
• TP2: 75.726
• TP3: 72.992
• SL: 79.500
Disclaimer
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