WTI Trading Idea

Price bounced from the support level and we saw good up movement. We could have price reversal when price touched MA20 and starting of down trend. But after a strong bullish candle closed above MA20, the market moved higher. Now price is near the possible reversal zone, where you can see the resistance level and MA100. Probably we'll have following down movement to the previous swing low at the support level. Wait for confirmation from MACD and RSl for opening short trades based on daily and hourly charts. If price passes through this zone, we'll have up movement confirmed by weekly chart. The target will be the important level of round numbers 50. DMI and MACD will have to support up movement and if so, we'll think about entry levels for long trades based on hourly charts.