WTI has earned us plenty of profits during its bullish run that started about 2 weeks ago, but ever since hitting the 2021 top we have moved into more of a ranging market.
We've taken a short and have one more sell order at the upper orange level as there is a chance of a retest and that is where we expect/believe bulls to get "tired" and price to reverse back down.
We see good reasons for most commodities to drop, including XAUUSD and XAGUSD.
As for the reason to short WTI, we have our classic 30% fib resistance, price making lower highs and currently being at the top of its range, it might not be 100% ready right now but we do believe it could be the case soon enough.
We've taken a short and have one more sell order at the upper orange level as there is a chance of a retest and that is where we expect/believe bulls to get "tired" and price to reverse back down.
We see good reasons for most commodities to drop, including XAUUSD and XAGUSD.
As for the reason to short WTI, we have our classic 30% fib resistance, price making lower highs and currently being at the top of its range, it might not be 100% ready right now but we do believe it could be the case soon enough.
Comment:
Another sell added as per the text above. Orange trend line hit, we are short x2