FxWirePro
Panjang

WTI crude breaks major resistance and hits 3Y highs

TVC:USOIL   CFDs di Minyak Mentah WTI
WTI crude breaks major resistance and hits 3Y highs, bulls on verge of retracing 50% Fibos, minor trend forms whipsaws – Uphold long hedges:

Chart pattern formed- Breach of rising wedge resistance on daily plotting, Symmetric triangle resistance break-out and extension of consolidation phase by retracing more than 38.2% Fibonacci retracements, the uptrend is now on the verge of retracing upto 50% on monthly terms.

In this process of the bull run, WTI crude prices have hit 3 years highs, Doji has occurred exactly at wedge resistance of $61.88 levels to counter these rallies. But bulls have shrugged off these bearish indications and managed break-out decisively with the stern bull candle with the big real body.

For today, the rallies are dragging further to new the highs of $64.05 levels, both leading as well as lagging indicators are substantiating these buying indications.

But on the contrary, let’s have a glance through the major trend that was bearish now has gone into consolidation phase that was jerky way back in mid-2015.  From massive slumps from the peaks of $114 levels shouldn’t be disregarded and jumping to conclude this as a robust uptrend would be unwise, it is just 38.2% retracements.

Having mentioned that, we aren’t a pessimist, for now, more rallies on cards upto another major resistance at $70.18upon bullish EMA crossover.

Major supports are observed at $62.54 levels.

While both leading oscillators have been converging upwards but indecisive currently.

The sustenance above DMAs with bullish MACD crossover indicate more rallies that head for next resistance.

Trade tips: We’ve already advocated adding longs using futures contracts of near-month tenors with a view to arresting upside risks, we reiterate that it is wise to use dips to deploy long hedges using these WTI derivative contracts.
IMHO, it will be difficult for a novice trader to follow your advice as I notice you have quite a significant inconsistency in your analysis. 1 time you say it's long, now you say it's short:

I also notice this kind of analysis in XAUUSD instrument too. I really highly suggest you to stick 1 in advice and be firm on it. If you are not sure with your analysis, better to put it as "Neutral". You can't sit on the fence.

Cheers.
Balas
FxWirePro nivelij01
@nivelij01, That is for intraday. read carefully.That's is for target of $1.50
Balas
nivelij01 FxWirePro
@FxWirePro, Yup i know. A separate suggestion for improvement has been shared in the PM.
Balas
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Laman Utama Pengimbas Saham Pengimbas Forex Pengimbas Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar