US OIL (WTI/USD) – Week 12 – Bigger degree correction.
WTI dropped nearly 10% as short-term demand concerns and a rising dollar clashed to cause the biggest intraday plunge since October.
For this week we expect a corrective move towards the resistance area highlighted on our chart, before resuming the downtrend and breaking the trendline.
The bigger degree correction that we were expecting for a few weeks has started and we expect the price to continue dropping into the mid 50’s.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
For this week we expect a corrective move towards the resistance area highlighted on our chart, before resuming the downtrend and breaking the trendline.
The bigger degree correction that we were expecting for a few weeks has started and we expect the price to continue dropping into the mid 50’s.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: target reached:
We expect the price to now enter a deeper corrective phase. Trade with care.
