WTI - buy here or wait for 68$

8 Feb

My analysis of WTI in early December was good and it did wat I expected, but a stupid stop kicked me out it wave 2.
Then got the perfect entry for the short at 80.5 but didn't hold long enough...

So what to do next ? Could buy it here at the 0.236 retracement but I'd rather buy at 68.5 with a stop at 67.
Always keep in mind there is also politics involved here. Oil producers need higher prices to be profitable but on the other hand they want the price of oil to drop so Russia cannot sustain their war in Ukraine.

10 Feb

Nota

went up but still inside the red channel

15 Feb

Nota

we got a retest of the red and white trendlines with rejection to the downside. Sitting on the 0.236 support again with retest of the channel, so I'd expect a move to the upside next week.

22 Feb

Nota

rejected at the red trendline again, but still in 70$ support area.

25 Feb

Nota

took more than two weeks but here we are:

27 Feb

Nota

went down to the 0.092 retracement, hit the blue trend line for support and going up.

3 Mac

Nota

was already expecting this after three rejections at the 0.236 retracement. Support for now is the 0.055 with another rejection of the 0.092. Might as well retrace to 67.08. Waiting before entering again.

4 Mac

Nota

Bingo

14 Mac

Nota

10 days later still at 67, but the trend seems to have changed already.

20 Mac

Nota

daily MACD bullish cross

27 Mac

Nota

good progress here, back above blue support

31 Mac

Nota

channel confirmed again

4 Apr

Nota

got out at 71 and back in, good support here

12 Apr

Dagangan ditutup secara manual

13 Apr

Nota

obviously that wasn't good support but just a dead cat bounce.