WTI Crude oil : Last chance to buy before new ATH? 18.05
Inflation, inflation, inflation.
In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June.
Globally, the disease is under control - Pretty much insuring a very busy summer for travel.
So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term.
When we look at the technicals we see :
1) Clear breakout and retest above triangle consolidation which led to strong bullish movement and bull trend ongoing now.
2) Clear close above key support/resistance zone of 108-109.
3) Probable immediate term target is resistance zone of 112.90 to 114.80.
4) A break above 114.80 could be strong confirmation for rally back to previous high and above.
5) Range trading between 108 to 114.80 is also very possible.
Bottom line -
Good chance for strong rally, downside to 108 is possible.
A close below 108 would be bearish in the immediate term.
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Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
Don't hesitate to comment/ask me anything - I promise to respond to each and every one.
I am not a financial advisor and encourage you to do your own research and be cautious when trading.
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In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June.
Globally, the disease is under control - Pretty much insuring a very busy summer for travel.
So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term.
When we look at the technicals we see :
1) Clear breakout and retest above triangle consolidation which led to strong bullish movement and bull trend ongoing now.
2) Clear close above key support/resistance zone of 108-109.
3) Probable immediate term target is resistance zone of 112.90 to 114.80.
4) A break above 114.80 could be strong confirmation for rally back to previous high and above.
5) Range trading between 108 to 114.80 is also very possible.
Bottom line -
Good chance for strong rally, downside to 108 is possible.
A close below 108 would be bearish in the immediate term.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
Don't hesitate to comment/ask me anything - I promise to respond to each and every one.
I am not a financial advisor and encourage you to do your own research and be cautious when trading.
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Trade active:
Support of 108 is holding, still bullish to 112.90 :)
Trade active:
Right around peak of resistance range! 114.80 is key a level and a weekly close above could be very strong confirmation of 122 as possible within the week. Exciting!
Trade active:
At the very edge of 114.80 resistance zone - Positive news about China covid relief may push back to 122 any time above resistance!
Trade active:
Past the 114-115 resistance zone!
Already up to close to 120 since.
122 is within reach and the current target, next resistance.
Range trading between 113-122 is possible.
Already up to close to 120 since.
122 is within reach and the current target, next resistance.
Range trading between 113-122 is possible.
Trade closed: target reached:
Target of 120 reached.
Total of over +$20 catch.
Total of over +$20 catch.
