WTI tested 786 fib - can we long now?
Updated
When WTI (West Texas Intermediate) crude oil reaches the 78.6% Fibonacci retracement level, a common behavior is to experience a reversal or consolidation.
This may indicate a shift in trend to bullish or a period of consolidation before further movement.
The current Fibonacci level aligns with a significant historical support area with ±77$ price range, it may strengthen the potential significance of this fib level as a support zone.
Taking into account the current geopolitical situation, while military conflicts may seem to pause or temporarily de-escalate, it doesn't necessarily mean they have been fully resolved, and anything can happen.
To summarize, I see LONG potential up to the next fibs as the targets (65)
Best of luck!
This may indicate a shift in trend to bullish or a period of consolidation before further movement.
The current Fibonacci level aligns with a significant historical support area with ±77$ price range, it may strengthen the potential significance of this fib level as a support zone.
Taking into account the current geopolitical situation, while military conflicts may seem to pause or temporarily de-escalate, it doesn't necessarily mean they have been fully resolved, and anything can happen.
To summarize, I see LONG potential up to the next fibs as the targets (65)
Best of luck!
Note
Looking at what happened today, it seems like WTI isn't staying at the 786 place. I think it's going to head to the next support place soon at 73-74.
Trade active
Trade open:BUY @ 74.58$
Trade closed: stop reached
Stop reached @ 74.18$Trade active
Re-entering trade @ 73.217 $Trade closed: stop reached
Stop reached @ 73$Trade active
Re-entering trade @ 72.47SL 71.47
TP 77.47
Trade closed manually
Closed on BETrade active
Re-entering trade @ 68.23SL 66.73
1st TP 71
2nd TP 73
3rd TP 75
Trade closed: target reached
First part closed on 3$ profit mark @ 71.27Otherwise, moving SL to BE.
Note
2nd TP reached on 73$, 1/3 closed.Overall 2/3 of current trade is closed, expecting 75$.
Trade closed: target reached
75$ dollar target reached, trade now is fully closed.
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