After nine failures to break and close beneath $65 per barrel over the past month, you have to wonder how much longer bears will persist in attempting to take out the level. Following a nice pop higher on Thursday, completing a morning star pattern and closing above the 50-day moving average, it may be time for WTI bulls to have their day in the sun.
For those eyeing long setups, positions could be initiated above the 50-day moving average with a stop beneath for protection against reversal.
As for potential targets, the contract had little luck breaking cleanly above the 200-day moving average earlier this month, making it screen as a suitable level. It’s found just below $68 per barrel today.
Good luck!
DS
For those eyeing long setups, positions could be initiated above the 50-day moving average with a stop beneath for protection against reversal.
As for potential targets, the contract had little luck breaking cleanly above the 200-day moving average earlier this month, making it screen as a suitable level. It’s found just below $68 per barrel today.
Good luck!
DS
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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.
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.