WTI Crude oil : Last chance to buy before new ATH? 18.05
Inflation, inflation, inflation.
In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June.
Globally, the disease is under control - Pretty much insuring a very busy summer for travel.
So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term.
When we look at the technicals we see :
1) Clear breakout and retest above triangle consolidation which led to strong bullish movement and bull trend ongoing now.
2) Clear close above key support/resistance zone of 108-109.
3) Probable immediate term target is resistance zone of 112.90 to 114.80.
4) A break above 114.80 could be strong confirmation for rally back to previous high and above.
5) Range trading between 108 to 114.80 is also very possible.
Bottom line -
Good chance for strong rally, downside to 108 is possible.
A close below 108 would be bearish in the immediate term.
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Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
Don't hesitate to comment/ask me anything - I promise to respond to each and every one.
I am not a financial advisor and encourage you to do your own research and be cautious when trading.
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In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June.
Globally, the disease is under control - Pretty much insuring a very busy summer for travel.
So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term.
When we look at the technicals we see :
1) Clear breakout and retest above triangle consolidation which led to strong bullish movement and bull trend ongoing now.
2) Clear close above key support/resistance zone of 108-109.
3) Probable immediate term target is resistance zone of 112.90 to 114.80.
4) A break above 114.80 could be strong confirmation for rally back to previous high and above.
5) Range trading between 108 to 114.80 is also very possible.
Bottom line -
Good chance for strong rally, downside to 108 is possible.
A close below 108 would be bearish in the immediate term.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
Don't hesitate to comment/ask me anything - I promise to respond to each and every one.
I am not a financial advisor and encourage you to do your own research and be cautious when trading.
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تم فتح الصفقة
Support of 108 is holding, still bullish to 112.90 :)تم فتح الصفقة
Right around peak of resistance range! 114.80 is key a level and a weekly close above could be very strong confirmation of 122 as possible within the week. Exciting!تم فتح الصفقة
At the very edge of 114.80 resistance zone - Positive news about China covid relief may push back to 122 any time above resistance!تم فتح الصفقة
Past the 114-115 resistance zone! Already up to close to 120 since.
122 is within reach and the current target, next resistance.
Range trading between 113-122 is possible.
أغلقت الصفقة: تم الوصول للهدف
Target of 120 reached. Total of over +$20 catch.
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.