Currently crude trading near its rock solid support area, why this area is very crucial? .50 fib level of Cyclical A-B wave, 1.382 of intermediate i and ii, 1.382 of XA , CD= 2x of AB and also prices forming corrective flat ABC structure, where AB = BC.
We assume WTI might rise till 85.50, which is also resistance of a prolonged falling trendline. If price sustain this level, next crucial resistance would be 90.72 levels, which is the low of the 1st intermediate wave.
Currently the risk-reward ratio is more then 3:1, I think smart people have already inititiated their trades.
Above analysis is purely for the educational purpose.
We assume WTI might rise till 85.50, which is also resistance of a prolonged falling trendline. If price sustain this level, next crucial resistance would be 90.72 levels, which is the low of the 1st intermediate wave.
Currently the risk-reward ratio is more then 3:1, I think smart people have already inititiated their trades.
Above analysis is purely for the educational purpose.