WTI Insight

Sep 23, 2022

Hey, traders. It was really tough week. There were big events with big movement in the market.
Hope you guys had successful trading.
Let's check the WTI chart quickly.

We can see
1. long-term ascending channel had been broken.
2. the descending channel had been extended by breaking 85.00
3. botton of the descending channel is on 76.00

We should check
1. Fed Chair Powell Speaks

We can expect
1. the price keep falling toward 76.00
2. rebounding by support on 76.00 to 92.50
3. the price goes up to 92.50 and fall back by resistance to 76.00

For now, short position will be advantageous trade.
But, if the war between Russia and Ukraine become prolonged, WTI price will have chance to jump up.
In this case, we should prepare Long position, and it will be on 76.00.

Let's see how it goes.
Thanks you for reading and hope this insight was helpful.