WTI bulls are moving in with eyes on a break of major trendline resistance.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- WTI bulls are moving in with eyes on a break of major trendline resistance.
- WTI bears will likely show their might near $79.50.
WTI is now on the backside of the bearish channel’s resistance which would be expected to act as a countertrend with the short squeeze in play, putting the shorts from the start of the week under heat.
The bulls can target a break of the $79.00 level to open risk to $79.50 and even beyond to target the $80.50s highs. However, the bears will be keen to defend $79.50 which puts the spotlight back on a break of $77.50 that opens risk to a move to the downside.
With that being said, from a daily perspective, there can be an argument made for a bullish outlook as follows:
Bulls have remained committed over the course of the past week in accordance with the overall bullish cycle. With price holding above the 61.8%, there are prospects of a break of the trendline resistance for territories high up in the $80s.
[/s2If]
Join Our Telegram Group
