#202435 - priceactiontds - weekly update - wti crude oil
Good Evening and I hope you are well.
tl;dr
wti crude oil: Bears answered last weeks question on Monday but bulls kept the market two sided and bears gave up at the double bottom below 72. Bulls are creating decent bull bars again and last time they did this we went above 78. Above 75 odds favor the bulls for more upside to at least 77 but we are still low enough for bears to come around and test 72 again. Leaning bullish if market stays above 74.
Quote from last week:
current market cycle: trading range (triangle)
key levels: 70-80
bull case: Bulls printed a nice double bottom around 71 and are on their way up again. They want at least 77.5 and test the minor bear trend line starting from 2024-07-18. The last two reversal from prices below 72 both went without any pullback on the daily chart so I expect this one to just go up as well. No side is currently fighting the other too much.
Invalidation is below 75.
bear case: Bears got their early move below 74 and just went for 72 again. No bigger fight for 72 so bulls are doing the reversal again. There is a low chance that bears come around and want to keep it below the daily ema at 75 but i doubt it. If they do, best they can hope for is a test of 71.5 again. Above 75.1 I expect an easy and fast trade up to at least 77.
Invalidation is above 75.1.
outlook last week:
→ Last Sunday we traded 75.54 and now we are at 74.83. Low of the week was 71.47 and my target was 71/72. Hope you made some.
short term: Bullish above 75.1, bearish below 74 for retest of 72 or lower.
medium-long term: We are seeing the big triangle playing out between 70 and 80. No more updates until market makes higher highs or lower lows again.
current swing trade: None
chart update: None
tl;dr
wti crude oil: Bears answered last weeks question on Monday but bulls kept the market two sided and bears gave up at the double bottom below 72. Bulls are creating decent bull bars again and last time they did this we went above 78. Above 75 odds favor the bulls for more upside to at least 77 but we are still low enough for bears to come around and test 72 again. Leaning bullish if market stays above 74.
Quote from last week:
comment: Bull and bear legs alike get shorter, market is contracting further. Triangle is valid since 2022. We are in the last weeks of it. If we get a huge event where we see Oil prices skyrocketing over the next 3-4 months, you read it here first. Play the range is the name of the game.
current market cycle: trading range (triangle)
key levels: 70-80
bull case: Bulls printed a nice double bottom around 71 and are on their way up again. They want at least 77.5 and test the minor bear trend line starting from 2024-07-18. The last two reversal from prices below 72 both went without any pullback on the daily chart so I expect this one to just go up as well. No side is currently fighting the other too much.
Invalidation is below 75.
bear case: Bears got their early move below 74 and just went for 72 again. No bigger fight for 72 so bulls are doing the reversal again. There is a low chance that bears come around and want to keep it below the daily ema at 75 but i doubt it. If they do, best they can hope for is a test of 71.5 again. Above 75.1 I expect an easy and fast trade up to at least 77.
Invalidation is above 75.1.
outlook last week:
short term: Neutral. Again. What can you do.
→ Last Sunday we traded 75.54 and now we are at 74.83. Low of the week was 71.47 and my target was 71/72. Hope you made some.
short term: Bullish above 75.1, bearish below 74 for retest of 72 or lower.
medium-long term: We are seeing the big triangle playing out between 70 and 80. No more updates until market makes higher highs or lower lows again.
current swing trade: None
chart update: None
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