WTI Buy Opportunity
Crude Oil (WTI)
The previous trading idea for WTI market is still workable. You can read more details about possible market movements in the related ideas. As for a new buy signal we have following:
– the price bounced from the support zone formed by the uptrend line, 66.70 support level and the cloud
– RSI confirmed the price reversal
– DMI does not support the strength of bears and the same goes about bulls. As a result we should not expect strong price movements but a short term upward movement to 75.00 level can be possible.
Entry level should be above 70.50 with stop orders below 66.25 level. The main profit target is the previous high. If the price drops below the cloud, it will be a good sell opportunity.
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Source: TW DLavrov