West Texas OilUpdated (WTICOUSCD 12H) SLIPPERY SET UP BUD
OIL! Super interesting pair. We have been trending up for quite a while now since that V pattern in April 2020.
Price is arriving at level of interest where it currently acts as resistance ($86.00). We are either going to see the buyers really come in and smash through this level because we’re in an uptrend or we’re going to see the sellers come in and say no way we’re going down. Only time will tell.
KEY LEVELS:
SUPPORT - $ 65.00
RESISTANCE - $86.00
ALL TIME HIGH - $110.00
SCENARIO 1: SHORT- if price manages to reject $86.00, with some type of reversal towards the downside, we will be looking to set something up like this. Targeting local support and seeing what price is doing when we get there.
SCENARIO 2: LONG- if we see the buyers absolutely smash through this $86.00 level we will be looking to catch a retest and a continuation up towards previous high which is $110.00.
Stay warm and cozy traders
Price is arriving at level of interest where it currently acts as resistance ($86.00). We are either going to see the buyers really come in and smash through this level because we’re in an uptrend or we’re going to see the sellers come in and say no way we’re going down. Only time will tell.
KEY LEVELS:
SUPPORT - $ 65.00
RESISTANCE - $86.00
ALL TIME HIGH - $110.00
SCENARIO 1: SHORT- if price manages to reject $86.00, with some type of reversal towards the downside, we will be looking to set something up like this. Targeting local support and seeing what price is doing when we get there.
SCENARIO 2: LONG- if we see the buyers absolutely smash through this $86.00 level we will be looking to catch a retest and a continuation up towards previous high which is $110.00.
Stay warm and cozy traders
Note
TECHINICALLY....If the MACD and SIGNAL cross on DAILY TF I will enter a short risking 1% targeting 6%
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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.