WTI - Bearish consolidation, possible bear flag
- WTI has been trading sideaways in a wider bearish consolidation range of 72.50 - 81.50.
- Weekly Ichimoku setup is bearish, with strong support at 81.90 (Kijun Sen)
- It seems to be building a bearish flag, which if breaks, then space would open to 66 and 50.50
Any spikes to/above 80 is an opportunity to get some bearish exposure.
I know there's a China reopening and demand surge story on many fronts, I just don't see it justified in prices. Meanwhile global rate hike cycle should cause some form of slow down in global economies and some demand destruction in commodities.
- Weekly Ichimoku setup is bearish, with strong support at 81.90 (Kijun Sen)
- It seems to be building a bearish flag, which if breaks, then space would open to 66 and 50.50
Any spikes to/above 80 is an opportunity to get some bearish exposure.
I know there's a China reopening and demand surge story on many fronts, I just don't see it justified in prices. Meanwhile global rate hike cycle should cause some form of slow down in global economies and some demand destruction in commodities.