OIL WTI Analysis for the next weeks
Do you remember this idea I post last week?
tradingview.com/symbols/OIL_CRUDE/minds/?mind=3qCov49KQoOHtsDySG5l-g&exchange=CAPITALCOM
THIS ANALYSIS IS FOR NEXT WEEKS.
FUNDAMENTALS:
Price tends to peak in Sep/ Oct as winter is coming. This winter is expected to be really cold.
TECHNICALS:
-Price has tested twiced the 71.5 zone, forming a W pattern in a 4H chart.
-Yesterday retracement to 73.8 zone was a 0.618 fibonacci retracement, looking for some liquidity to continue its upward trend
- MACD (12.26) has crossed in the oversold zone and RSI is neutral in 1D chart. EXIT trade when RSI is overbought, not now.
I bought at 72 and sell at 75, now I bought at 74.9 and I will split my TP at 84 and 94. My SL is in 73. I will close the position if I see RSI 1D in overbought area.
tradingview.com/symbols/OIL_CRUDE/minds/?mind=3qCov49KQoOHtsDySG5l-g&exchange=CAPITALCOM
THIS ANALYSIS IS FOR NEXT WEEKS.
FUNDAMENTALS:
Price tends to peak in Sep/ Oct as winter is coming. This winter is expected to be really cold.
TECHNICALS:
-Price has tested twiced the 71.5 zone, forming a W pattern in a 4H chart.
-Yesterday retracement to 73.8 zone was a 0.618 fibonacci retracement, looking for some liquidity to continue its upward trend
- MACD (12.26) has crossed in the oversold zone and RSI is neutral in 1D chart. EXIT trade when RSI is overbought, not now.
I bought at 72 and sell at 75, now I bought at 74.9 and I will split my TP at 84 and 94. My SL is in 73. I will close the position if I see RSI 1D in overbought area.
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