My analysis introduces a fractal sequence rule. These patterns are typical of ascending fractals. It is based on the doubling of related ascending fractal pairs. The decreasing correction fractal pairs are halved. Based on this regularity, it can be assumed that the WTICOUSD exchange rate may be ahead of your longer-term high. The target price is around $ 60.
The exchange rate can build a fractal course. You just left the descending sequence (green rectangle). In case the fractal movement continues, we are now expecting a rising trend channel based on the sequence. The top of this trend channel is somewhere around 74 usd. In this case, the current levels may be suitable for taking a long position.
To the uninitiated, yesterday's Oil chart looked like complete chaos as we approached Crude Oil Inventories and the CAD rate decision.
However there is order within these fast, volatile moves.
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Daily rejected 62 fib level and previous high.
Price has shown in area 1 a break in structure. Using four hourly you can see a clear reversal sign. I am now looking at shorts as this is a change in direction.
Short pull back or short sell stop current low of 57.30.
This commodity is undecided on whether is in an overall uptrend or downtrend. However the sentiment just now appears to be bullish as the last 4hr candle (@10am) has shown retracement. I've entered a long trade with initial TakeProfit @ 55.86 then at 58.17 if the untend continues