a daily price action after hour update - wti crude oil
Good evening and i hope you are well.
Here is a quote from my substack on Monday about oil:
"Most interesting market today. I do believe its a breakout of the bear channel, beginning 2023-09, if bulls can generate follow through tomorrow/Wednesday. The trend line on higher time frames is more of an area than a narrow line with exact prices. But we are there and had a strong bull day. This could be leg 2 of a 3 legged move and a measured move target could bring us to around 80 again. That would certainly make a whole lot of bears cover and fuel the rally probably further. I’d be very cautious with shorts here and look for strength.
short term: sideways to up"
Being prepared pays. Daily close above 75 and market is accelerating. 80 is my next target but i don’t think we get there without a pullback first. PB could be deep to the lower bull wedge around 75.5 but if we get there, the odds that it holds are excellent.
short term: very short term, sideways to down but ultimately bullish for target 80. from there i wait for market to show new impulse.
medium-long term: up
trade of the day: that 1h 20ema held since Wednesday before us open. look for longs.
Here is a quote from my substack on Monday about oil:
"Most interesting market today. I do believe its a breakout of the bear channel, beginning 2023-09, if bulls can generate follow through tomorrow/Wednesday. The trend line on higher time frames is more of an area than a narrow line with exact prices. But we are there and had a strong bull day. This could be leg 2 of a 3 legged move and a measured move target could bring us to around 80 again. That would certainly make a whole lot of bears cover and fuel the rally probably further. I’d be very cautious with shorts here and look for strength.
short term: sideways to up"
Being prepared pays. Daily close above 75 and market is accelerating. 80 is my next target but i don’t think we get there without a pullback first. PB could be deep to the lower bull wedge around 75.5 but if we get there, the odds that it holds are excellent.
short term: very short term, sideways to down but ultimately bullish for target 80. from there i wait for market to show new impulse.
medium-long term: up
trade of the day: that 1h 20ema held since Wednesday before us open. look for longs.