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.
WTI can be a positional long owing to the trend line below it. The Reward:Risk is good. Oil is in an Uptrend.
Corrective pattern looks complete with wave count and candle count.
The WTI has had a quick rally after touching levels of $58.22 on February 14. Looking at how swiftly the rally has taken place, that too without a significant correction, it is quite possible that it can reverse its direction from here or go on a sideway move. The ADX is showing signs of reversal here and the charts on lower-time frame are indicating that bulls...
Note on chart and thank you for your ILIKE! Trade with care!
Oil is showing signs of exhaustion on 30 mins chart at current levels of 50.13. Trendline break plus negative divergence on RSI makes it a good short term short bet for target of 49.40. Keep strict stop loss @ 50.55
CL1! has been trading in rising channel pattern. The prices have tested the lower band and moving northwards. The minor hurdle (black dashed line) at $46.50 if cleared by Bulls (on closing), we might head towards $54-58.