WTI - Weekly - Down, before Up, if you know what I mean.

TVC:USOIL   CFDs on WTI Crude Oil
WTI had a really good run from the middle of summer last year. Starting from around $43 and adding approximately an extra 20 Bucks. Not a bad return in half a year.

I believe that it might go higher again later on this year, but for now it needs a good retracement.

I am looking for a move to the first closest trend line , which will be around 23.6% on the Fibonacci. If that won't hold, then aiming for that little bubble area, where the second trend line passes. That level is around the 38.2% retracement . Also, the 200 MA will be a good support for the price if it get's there.

Certainly, this is a tricky trade at the moment, but could work out.

Keep an eye on the price action!
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