Welcome back, guys! 👋 I'm Skeptic, and today we’re diving into a quick analysis of WTI Crude Oil (WTI). Let’s break it down.
📉 4-Hour Time Frame Analysis
In the 4-hour time frame, WTI has shown a very strong corrective move, and despite trying to hold the support zone PRZ, it even failed to maintain it, suggesting a potential downtrend. Now, we have an opportunity to focus more on our short setups, but we’ll need to manage the risk as well.
🔮 Short Setup
For short positions, a break below the 4-hour support at 65.183 would be a good trigger to enter a short position. Place the stop loss just above the broken PRZ, around 67.024, and keep an eye on price action as a sharp movement down could follow. If the support breaks, we’re likely to see a continuation towards the next support level, so the move could be pretty sharp, but make sure your stop loss is tight to manage risk effectively.
💡 Long Setup
For the long setup, we’ll wait for a potential fake breakout below the support and then look for a return above 67.024. If we break above the resistance at 67.639, we’ll look for a possible long continuation. However, since the current trend is bearish, we’ll reduce our risk and wait for confirmation from the 4-hour or daily time frames before entering.
Let me know your thoughts and ideas on WTI! 💬 Drop any questions in the comments, and I’ll be happy to discuss them. Let’s grow together, not alone! 🔥
📉 4-Hour Time Frame Analysis
In the 4-hour time frame, WTI has shown a very strong corrective move, and despite trying to hold the support zone PRZ, it even failed to maintain it, suggesting a potential downtrend. Now, we have an opportunity to focus more on our short setups, but we’ll need to manage the risk as well.
🔮 Short Setup
For short positions, a break below the 4-hour support at 65.183 would be a good trigger to enter a short position. Place the stop loss just above the broken PRZ, around 67.024, and keep an eye on price action as a sharp movement down could follow. If the support breaks, we’re likely to see a continuation towards the next support level, so the move could be pretty sharp, but make sure your stop loss is tight to manage risk effectively.
💡 Long Setup
For the long setup, we’ll wait for a potential fake breakout below the support and then look for a return above 67.024. If we break above the resistance at 67.639, we’ll look for a possible long continuation. However, since the current trend is bearish, we’ll reduce our risk and wait for confirmation from the 4-hour or daily time frames before entering.
Let me know your thoughts and ideas on WTI! 💬 Drop any questions in the comments, and I’ll be happy to discuss them. Let’s grow together, not alone! 🔥
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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.
Related publications
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.