WTI Crude Oil: 19.4 - A slide off the edge?
Updated
A 'rising wedge" pattern is one of the most bearish candlestick patterns out there.
It's when the highs consolidate with the lows in the shape of a sharp triangle going up.
When the support trend-line breaks down - A trend reversal is usually ON!
Meaning that from higher highs and lows the shift is to lower highs and lows and new lower targets are targeted.
Yesterday I've covered how a break below 104.50 can be the beginning of a $10 or more drop down.
105.60 is another important support level to be broken and a blockage on the way down.
Today is a very critical day as it may break this level, the other scenario is that WTI could retest the broken rising wedge at the high 107's low 108's.
Pay close attention to the WTI today, as this could be the beginning of a significant correction down.
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It's when the highs consolidate with the lows in the shape of a sharp triangle going up.
When the support trend-line breaks down - A trend reversal is usually ON!
Meaning that from higher highs and lows the shift is to lower highs and lows and new lower targets are targeted.
Yesterday I've covered how a break below 104.50 can be the beginning of a $10 or more drop down.
105.60 is another important support level to be broken and a blockage on the way down.
Today is a very critical day as it may break this level, the other scenario is that WTI could retest the broken rising wedge at the high 107's low 108's.
Pay close attention to the WTI today, as this could be the beginning of a significant correction down.
---------------------------------------------------------------------------------------------------------------------------------------------------------
I'd very much appreciate a like and follow if you found this analysis helpful :D
Please let me know what you would like to see more of and what you liked/disliked about my idea.
My goal is to benefit the trading community and help improve results of all traders across the board
---------------------------------------------------------------------------------------------------------------------------------------------------------
Note
WTI is currently testing the 104.50 support! Exciting to see if the day would close lower, could mean very high potential downside , could be 93 within a week or so technically.
Trade closed: target reached
Break below 104.50 allowed for 97 as projected, 93 may still be within reach in coming days :)
Pay attention for possible 102.90 retest.
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