WTIOIL / Price sitting right at Daily support zone
Updated
Previously, WTIOIL has undergone a strong uptrend for nearly a 6 month since Dec 2018, pushing price from 42.20 to 66.46, an over 50% increase.
Price has now printed a Higher Low and a Lower High which therefore is not clear which direction the market is heading in the long run. This means we need to see a breakout of either Higher Low or Lower high to see a clear direction.
In June 2019, the market has formed a double bottom near 50.50 previous structure support level.
Let’s take a look at some short term possible opportunities.
Currently, price has retracted back to 50.50 structure support level, we can go to a lower time frame to look for a short term reversal entry. However, unlike a trend trading set up, our target price will be set near 54.40 previous recent low.
On the other hand, if we see price push and close below 50.50 structure support level, we would expect the market to go lower and towards the 46.00 the next support level.
Gordon @GoreStreetTrading
Price has now printed a Higher Low and a Lower High which therefore is not clear which direction the market is heading in the long run. This means we need to see a breakout of either Higher Low or Lower high to see a clear direction.
In June 2019, the market has formed a double bottom near 50.50 previous structure support level.
Let’s take a look at some short term possible opportunities.
Currently, price has retracted back to 50.50 structure support level, we can go to a lower time frame to look for a short term reversal entry. However, unlike a trend trading set up, our target price will be set near 54.40 previous recent low.
On the other hand, if we see price push and close below 50.50 structure support level, we would expect the market to go lower and towards the 46.00 the next support level.
Gordon @GoreStreetTrading
Note
update idea:
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