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WTI Insight

Hey, traders. Let's check the WTI chart quickly.

We can see
1. long-term ascending channel has been broken.
2. short-term descending channel has been kept.
3. support on 77.50
4. the first resistance on 83.50
5. the second resistance on 90.00

We should check
Friday - Britain GDP (QoQ), Core PCE Price Index (YoY) (Aug)

We can expect
1. the price rebounding to 83.50 by support on 77.50 which we had long position.
2. the price keep going up to 90.00 by breaking resistance on 83.50.
3. dropping by resistance on 90.00 and this will be chance to sell.

While WTI had been keeping the descending channel, there was a chance to buy.
The price is going to face the resistance on 83.50 soon and this might be risky to have long postion.
We may need to sell or hedging strategy. But, after breaking the resistance on 83.50, we can expect to have long postion till 90.00.

Let's see what will happen and how it goes.
Thank you for reading and hope this insight was helpful.

analyzed by Han