WTI Crude oil front expirationOverview: With the yesterday's sell off, the stochastic in oversold territory and in divergence as well as the RSI, we consider closed the corrective structure(ABC) on daily time frame. A technical rebound is likely, to bring the market in a trading range area between $74 and $80.
Only a breakout of yesterday's low ($72.40) will change the daily's structure from a corrective ABC to a bearish impulsive 5 waves.
Our strategy:
Our current position' delta: +0.43
Bullish first target: $75.00
Bullish second target: $76.50
Mandatory rebalancing level / Stop loss: on breakout of $73.00
Bearish first target: $70.00/$69.80
Bearish second target: $67.00
See you all next update!