WTI: USOIL Still on Target for 86.33 but overbought near-term
WTI USOIL
After consolidating off the 66.48 line but never threatening
long stops under here WTI has pushed 550 pips and more
higher to 72.28 so far. It's a little overbought in the near term
and looks like it will consolidate back to 70.69 and then
bounce 150 pips or so - and then come back again, doing so 3
or 4 times before it pushes higher still.
The overall trend is still positive and will remain so as long as
70.37 holds in the near term and at the worst the 69..48 line
holds up on any retests from here. Swing traders can leave
long stops below here and let it run for now towards 75.28
and eventually to 86.33 (which is the minimum upside target
created by the reverse head and shoulders on last update).
After consolidating off the 66.48 line but never threatening
long stops under here WTI has pushed 550 pips and more
higher to 72.28 so far. It's a little overbought in the near term
and looks like it will consolidate back to 70.69 and then
bounce 150 pips or so - and then come back again, doing so 3
or 4 times before it pushes higher still.
The overall trend is still positive and will remain so as long as
70.37 holds in the near term and at the worst the 69..48 line
holds up on any retests from here. Swing traders can leave
long stops below here and let it run for now towards 75.28
and eventually to 86.33 (which is the minimum upside target
created by the reverse head and shoulders on last update).
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WTI Bigger Picture showing RHS
