WTI: just some considerations
Updated
Hi Guys,
the narrative here is quite simple.
2020 started with the assassintation of Qassem Soleimani(X). The Iranian General was killed late on Jan 2nd in a US air strike in Baghdad airport.
This event unfolded the move from X to 1.
On Feb 20th pandemic fears hit worldwide markets and the move from 2 to 3 begins. In few days OPEC+ fell apart, Saudi-Russia oil price war erupted and WHO delcared the Pandemic. On March 23rd Jerome Powell unleashed his QE infinity bazooka supporting financial markets (3) but it was too late for WTI that continued to slope down toward zero level and beyond(5)(A).
Fuel demand worldwide was slumped due to Covid19.
WTI recovered approx 0.618 Fibonacci of the XA move despite outlook very negative for worldwide demand following more or less the same recovery path set by fianancial Indexes.
The pullback from A started to build a divergence with RSI when it re-entered the blue horizontal bounderies at 43.830 (resistence) and 36.280 (support) at approx level 0.618 Fibonacci of XA (W and Y are in divergence with sentiment indicator RSI).
So WTI is supported inside these bounderies. RSI is signalling another divergence between S2 and S3. Despite such divergence price is kept under bearish pressure and struggle to pull back.
What will happen next?
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
the narrative here is quite simple.
2020 started with the assassintation of Qassem Soleimani(X). The Iranian General was killed late on Jan 2nd in a US air strike in Baghdad airport.
This event unfolded the move from X to 1.
On Feb 20th pandemic fears hit worldwide markets and the move from 2 to 3 begins. In few days OPEC+ fell apart, Saudi-Russia oil price war erupted and WHO delcared the Pandemic. On March 23rd Jerome Powell unleashed his QE infinity bazooka supporting financial markets (3) but it was too late for WTI that continued to slope down toward zero level and beyond(5)(A).
Fuel demand worldwide was slumped due to Covid19.
WTI recovered approx 0.618 Fibonacci of the XA move despite outlook very negative for worldwide demand following more or less the same recovery path set by fianancial Indexes.
The pullback from A started to build a divergence with RSI when it re-entered the blue horizontal bounderies at 43.830 (resistence) and 36.280 (support) at approx level 0.618 Fibonacci of XA (W and Y are in divergence with sentiment indicator RSI).
So WTI is supported inside these bounderies. RSI is signalling another divergence between S2 and S3. Despite such divergence price is kept under bearish pressure and struggle to pull back.
What will happen next?
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
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