Based on Historical and Technical Analysis . Crude Oil -0.28% Might Fall as per Fundamental and Technical Anlaysis and above Trade has Tight Stop Loss with Good Risk-Reward.
Enjoy and Comment.
Hello,
I think WTI is in a fabulous uptrend with target about 88 USD to 90 USD!
Now we are in a corrective wave 2 pattern which belongs to a final wave 5 of 3 as you can see in the chart above and below. WTI closes the final wave 5 of 3 as a so called ending diagonal.
The green box shows the expected area where wave 2 comes to its end (at about 66 USD, I ...
Oil is forming a triangle on intraday time frames. Looks like a good opportunity to trade range breakout today. Prepped-up for both long/short opportunity with a Stop & Reverse strategy.
Charts show multiple build up ranges. Considering time cycles, we're are in short term bearishness. Which would change post a break out above $71.50 while a strong support area can be observed around $66 levels.
If MPP (S1) functions as a support line, think long.
The first limit is 70.00
The second limit is under MPP (P) 70.77
The third limit is under YPP (R2) 72.62
I would be grateful if you like it idea,give me follow or agrees!
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: ...
With Saudi increasing output .. it going to get rejected from these levels for the 3rd time and this time it might be a big fall.
Levels for crude could down side target .. long only above 66.35 levels. Cheers!
