The price of WTI has recently broken the descending trend line and so started(or recovered) an uptrend, which is the major trend. There are many signals showing us why to go long. The most important for this trade is the correction towards 50/38,2 Fibonacci level, which is also a level of confluence with a rising trendline. If the price gets to the highlighted area, the possible turnover would be very likely to happen with an attractive RRR.
Signals:
-Broken descending trend line
-Developing uptrend with reliable ascending trendline
-Possible pullback towards 38,2/50 FIBO levels
-Possible retest of the descending trend line
-Broken long-term resistance at $41
The TP of this trade is $42,5 at the 127% FIBO extension area and SL in the area of $40-$41, depending on the price action.
Signals:
-Broken descending trend line
-Developing uptrend with reliable ascending trendline
-Possible pullback towards 38,2/50 FIBO levels
-Possible retest of the descending trend line
-Broken long-term resistance at $41
The TP of this trade is $42,5 at the 127% FIBO extension area and SL in the area of $40-$41, depending on the price action.