Analysis for swing traders
Without reversal pattern on top WTI long is not dead nor reversed. It chose to continue to zigzag the big rising channel. Steep rally no. Gentle rally yes. Take retracement as discount for long. This is now the game for investors and medium term traders. Speculators hoping for 0-100mph in 4 secs will be sorely tested.
There may be a mid-line to this channel. Wait and see if it is correctly drawn. Former 52-week high becomes potential resistance. With steep fall shorts are in control. Don't buy because there is a bullish candle. Best to see wash n rinse of support or W shaped line chart before commitment.
Analysis for day traders
With black week continue short. For short term indicators.
Without reversal pattern on top WTI long is not dead nor reversed. It chose to continue to zigzag the big rising channel. Steep rally no. Gentle rally yes. Take retracement as discount for long. This is now the game for investors and medium term traders. Speculators hoping for 0-100mph in 4 secs will be sorely tested.
There may be a mid-line to this channel. Wait and see if it is correctly drawn. Former 52-week high becomes potential resistance. With steep fall shorts are in control. Don't buy because there is a bullish candle. Best to see wash n rinse of support or W shaped line chart before commitment.
Analysis for day traders
With black week continue short. For short term indicators.
