WTI How to Trade
Crude Oil (WTI)
The price reached the support zone formed by SMA100, the uptrend line and 66.00 support level . MACD supports further downward movement. DMI is bearish but ADX line falls and it tells us that bears are not so strong now. We can use a breakout below this support zone as a signal for opening short trades. Stop orders must be placed above 73.00 level and profit targets at 58.00 and 50.00 support levels.
Alternative variant: the price bounces from the support zone . RSI drops in the oversold zone and it can give a solid signal confirming the price reversal. Entry level can be above 68.80 level. Stop orders must be placed below the local swing low and profit targets at 73.00 level.
Source: TW DLavrov