WTI breaks the previous wedge on 10/17 morning;
Daily the level, it is a pretty good chance to short when pullback a little near the lower bound of the wedge again (around 49.9). Two target, consider to play bear conservatively, have been set for this trade: 49.06 and 47.74. On the top of that, it is very likely to see the "retrace 0.618 point" later this week or earlier next week. Then it might a good chance to long from there. (I will update that part next week)
At the moment, SL could be safe to set at the higher bound of the wedge.
Best luck and enjoy the trading;
Daily the level, it is a pretty good chance to short when pullback a little near the lower bound of the wedge again (around 49.9). Two target, consider to play bear conservatively, have been set for this trade: 49.06 and 47.74. On the top of that, it is very likely to see the "retrace 0.618 point" later this week or earlier next week. Then it might a good chance to long from there. (I will update that part next week)
At the moment, SL could be safe to set at the higher bound of the wedge.
Best luck and enjoy the trading;
Note
break out at 50.7, SL triggered
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.