WTI - Weekly - Down, before Up, if you know what I mean.
WTI had a really good run from the middle of summer last year. Starting from around $43 and adding approximately an extra 20 Bucks. Not a bad return in half a year.
I believe that it might go higher again later on this year, but for now it needs a good retracement.
I am looking for a move to the first closest trend line, which will be around 23.6% on the Fibonacci. If that won't hold, then aiming for that little bubble area, where the second trend line passes. That level is around the 38.2% retracement. Also, the 200 MA will be a good support for the price if it get's there.
Certainly, this is a tricky trade at the moment, but could work out.
Keep an eye on the price action!
I believe that it might go higher again later on this year, but for now it needs a good retracement.
I am looking for a move to the first closest trend line, which will be around 23.6% on the Fibonacci. If that won't hold, then aiming for that little bubble area, where the second trend line passes. That level is around the 38.2% retracement. Also, the 200 MA will be a good support for the price if it get's there.
Certainly, this is a tricky trade at the moment, but could work out.
Keep an eye on the price action!