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West Texas Oil
Updated

WTI looking strong: Crude Oil headed to 62?

527
Been long on WTI for a while now.
It has been following the Fib series closely.
Looking for $62 area for top, then continue drop?

Currently at an important Fib resistance.
If it rejects, then I will close my longs.
But I expect it to break and continue higher.



Note
Still on-track and in-sync snapshot

Zooming in and extending the green fib snapshot looks like green fib is starting to exert some control, and being helped by the 5.618

Green Fib by itself snapshot does show it has been relevant on the bounce and thus my inclusion

Overlaying both fibs gives us some zones of interest snapshot
Note
Still making steady progress snapshot

Close up shows we are at a resistance for sure snapshot will be an interesting week, for sure.

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Note
And the Beat Goes On, with a perfect bounce off the blue 5.236 snapshot

Closeup highlighting the Green fib (on original chart but exteneded here) snapshot looks to still have some influence, but clearly the higher tf Blue fib is the primary drive. Thus my target at "Confluence of 2" (green and blue 4.236's) around $62 still looks good.

Zooming further, we see three distinct waves since the $51 bottom snapshot And once again the $62 target looks perfect, with a confluence of Purple 7.618 and Green 8.382. (for some reason Band 8 often respects the .382 rather than .236). So all in all I say $62 here we come.

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Trade closed: target reached
Terget hit. Might go higher but I have booked profits on 80% of the position, letting the rest ride snapshot will add on pullback.

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EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
FibonacciSupport and Resistance

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FibonacciSupport and Resistance
EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.