Looking at WTI on Monday to see if we get that double rejection of the EMA.
If it prints a few positive candles over the EMA, I would expect the balance of probability to take us to the 50% fib at 70.78 at a minimum.
We've seen 4 rejections at the EMA34 so I think it's reasonable to expect a return to T1 at the 50% fib 6608, T2 at the upper trend 6701 and 61.8% fib.
Probability play.
Quite a decent probability of a move down to the 50% fib at 1.13005, based on a double rejection of the EMA34.
Decent r/r. No red news planned. Trading with the recent trend,
IDEA - looking like a move to 215 on the cards next week.
We see a nice rejection of the EMA34 at around 204.75. If it rejects the EMA again at around 207, probability says were likely to go to 215/217.5
It's hit a resistance at 209, but trade through that next week the target is clearly 215 and probably 217.5 as a target 2.
Probability play for a move to the upper tend line, which would be around the 50% fib range (50.17)
I like the way it rejected the lower trend line and the EMA34 and is trading above it now.
Good percentage play for a bounce off the EMA34 and the meet of the upper trend line and a horizontal resistance line.
Target 1 is the 50% fib 66.50, target 2 the 61.8% fib 65.58
Stop just a above the last pull back
