It seems that we had a false break out on the WTI. Now, some would argue that it wasn't forming a triangle formation in the first place. Maybe they are right, but everyone tries to interpretate in their way.
But let's say, this was a potential triangle and we had a false break out. We're back in that area again. Now, if we will see some buying action happening, then I will be aiming for a test of around $49 level.
After that, it depends. Further squeeze is possible.
But if the SMA inside the Bollinger Band (the middle line) will prove to be a good resistance, then further declines to lower levels would be possible. Then I would be aiming for around $45 level.
As always, keep an eye on the price action!
But let's say, this was a potential triangle and we had a false break out. We're back in that area again. Now, if we will see some buying action happening, then I will be aiming for a test of around $49 level.
After that, it depends. Further squeeze is possible.
But if the SMA inside the Bollinger Band (the middle line) will prove to be a good resistance, then further declines to lower levels would be possible. Then I would be aiming for around $45 level.
As always, keep an eye on the price action!
