WTI Jun CL2!
It is rare for a major trend line to be penetrated and for that movement to continue the same day. So that is why I believe we will see some oscillation around this break on the Major for a day or 2 while price consolidates its latest movements.
This will also be a major decision event as we have a trend break but a wedge coil under development, imo.
If the trend line break does not hold (fake out) then the wedge will propel price higher. Expect at least 2 and possibly 5 tests on the rising trend line but price will be circa $63+ so you will know this. Use the pull backs as re-entry points or add-to's or top ups. Target $66
If price fails to regain the Major the look for a close below the Secondary. Price should retest this old support line now resistance. Look for inverted hammers or pin bar lows
to suggest buyer exhaustion. Target $58
Also be aware that the May contract will roll circa April 20 so expect the OI to move about a week before that or on major oil news ... like a Syrian event.
Remember material support sits at $60 and $58
I will up date as price progresses.
... just a further 2c worth ...
It is rare for a major trend line to be penetrated and for that movement to continue the same day. So that is why I believe we will see some oscillation around this break on the Major for a day or 2 while price consolidates its latest movements.
This will also be a major decision event as we have a trend break but a wedge coil under development, imo.
If the trend line break does not hold (fake out) then the wedge will propel price higher. Expect at least 2 and possibly 5 tests on the rising trend line but price will be circa $63+ so you will know this. Use the pull backs as re-entry points or add-to's or top ups. Target $66
If price fails to regain the Major the look for a close below the Secondary. Price should retest this old support line now resistance. Look for inverted hammers or pin bar lows
to suggest buyer exhaustion. Target $58
Also be aware that the May contract will roll circa April 20 so expect the OI to move about a week before that or on major oil news ... like a Syrian event.
Remember material support sits at $60 and $58
I will up date as price progresses.
... just a further 2c worth ...
