Aug 2022 WTI CRUDE OIL at Inflection Point
There are a few things to note with WTI Crude this morning.
-On a Daily chart, it is still in a Primary Uptrend: (The Primary trend is inviolate, i.e., cannot be manipulated. This is the longest-term trend and can last years)
-On a Daily chart, it is still above the Ichimoku Cloud.
-On a Daily chart, it is still above the Primary Up Trend Line, and is bouncing off of a previous Down Trend Line.
.682 Fibonacci Retracement still holds, as we have not closed below it. (Today's session will decide this)
Feel free to reach out with any technical analysis questions!
-Paul Wankmueller CMT Blue Line Futures
Futures trading involves a substantial risk of loss and may not be suitable for all investors. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
-On a Daily chart, it is still in a Primary Uptrend: (The Primary trend is inviolate, i.e., cannot be manipulated. This is the longest-term trend and can last years)
-On a Daily chart, it is still above the Ichimoku Cloud.
-On a Daily chart, it is still above the Primary Up Trend Line, and is bouncing off of a previous Down Trend Line.
.682 Fibonacci Retracement still holds, as we have not closed below it. (Today's session will decide this)
Feel free to reach out with any technical analysis questions!
-Paul Wankmueller CMT Blue Line Futures
Futures trading involves a substantial risk of loss and may not be suitable for all investors. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Comment:
Nice bounce off of the line!