WTI CRUDE OIL: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 76.08 |
| Take Profit | 67.60, 60.00 |
| Stop Loss | 83.10 |
| Key Levels | 60.00, 67.60, 83.10, 88.00, 95.42 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 83.15 |
| Take Profit | 88.00, 95.42 |
| Stop Loss | 81.55 |
| Key Levels | 60.00, 67.60, 83.10, 88.00, 95.42 |
A fall is possible.
On the daily chart, a downward correction forms as the second wave of the higher level (2), within which the wave C of (2) develops. Now, the third wave of the lower level iii of C is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the price of the asset will fall to the area of 67.00–60.00. In this scenario, critical stop loss level is 83.10.
Main scenario
Short positions will become relevant below the level of 83.10 with the targets at 67.60–60.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 83.10 will let the asset grow to the area of 88.00–95.42.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.