This week's WTI oil trading has seen a continued uptrend from last week, although there may be a temporary slowdown after the completion of the impulse wave. Earlier this morning, WTI oil unexpectedly dropped from its previous price. As Monday trading approaches, traders should closely monitor the upper trendline on the chart, which will serve as the decision point for whether a new trendline will form above the previous upper trendline or if it will return to the previous trendline.
Currently, my plan is to wait for the price to return to the previous trendline before taking a position and making a trade. The key level for a BUY position is within the range of 77.50-77.75, while the SELL position should be at the higher level of 80.75-81.00. I will update my analysis on a daily basis as developments unfold. If you find my ideas interesting, please leave a comment below to initiate a healthy discussion.
Currently, my plan is to wait for the price to return to the previous trendline before taking a position and making a trade. The key level for a BUY position is within the range of 77.50-77.75, while the SELL position should be at the higher level of 80.75-81.00. I will update my analysis on a daily basis as developments unfold. If you find my ideas interesting, please leave a comment below to initiate a healthy discussion.