I predict that price will continue raising till it reached round about 56.36 (blue line). This area could potentially be inviting for BEARS to re- enter the market and drive the price lower to or even beyond the Demand zone (shaded) . For now its a wait & see if price reaches 56.36 before entering trade ....fingers X'd.
Trade active:
So far trade going in directions as predicted as price found resistance and failed to go beyond the trend line (blue line) . Currently in trade with 48 pip gained. I've moved stop loss to break-even. Now hoping that today price continues lower till its reaches Demand zone , in & around 55.00 & 54.76 , where i aim to exit trade.
Trade closed manually:
It looks unlikely that price will breach Support at 55.76. So it seems price has stayed in a range this week, with no price higher than 57.50 . For that reason am out, bagged a wee 48pips in the process. Will see what next week brings for WTI.