WTI Crude Oil should drop to correction
WTI hit the 63.50 target.
Now from a technical perspective USOIL needs to pullback at least to the 200 EMA level of 59.50. Potential of entering back the channel.
Non-commercial's are holding massive amounts of longs (91%). They should start closing, changing the trend of the WTI Crude Oil.
And of course, all of the above is valid only if fundamentals are matching the direction for this commodity. In order for that to happen we need to see the de-escalation of tensions between Iran and the US. And our view on it is that they will loose tensions in the following weeks.
Now from a technical perspective USOIL needs to pullback at least to the 200 EMA level of 59.50. Potential of entering back the channel.
Non-commercial's are holding massive amounts of longs (91%). They should start closing, changing the trend of the WTI Crude Oil.
And of course, all of the above is valid only if fundamentals are matching the direction for this commodity. In order for that to happen we need to see the de-escalation of tensions between Iran and the US. And our view on it is that they will loose tensions in the following weeks.
Trade closed: target reached:
Great move of the WTI.
Traders, if you followed the idea you can start closing positions.
Traders, if you followed the idea you can start closing positions.
WTI price is back into long term channel, overall we expect the drop to the 200 EMA.
Price Target is 59.