As you know we entered the LONG trade on Crude Oil at 46.20 .
We have set up our targets and the Crude Oil price closed the week @ 50.80 . 50.78 was our TARGET 3 and it was a good trade.
But it's not finished yet.
As you will see in my previous WTI Crude Oil trading idea , we set up the target at 53-54 USD levels.
WTI CRUDE OIL H4 CHART :
Possible Pullback Levels are : 50.10 and 49.60 (Daily and H4 Fibo supports ) which I will use as a BUY opportunity.
Upside we have 2 key levels and strong resistances. 51.00 and 51.30 .
I will be watching those levels to break out. If the WTI Crude Oil price can not break those resistance some pullbacks will take a place for sure.
WTI CRUDE OIL D1 CHART :
Fundamentally , I do not see any reason the Crude Oil prices to move higher than 55 USD levels. But to look at the matter technically, 52.20, 53.10 and 54.80 levels are the Fibo Expansion levels and 56.61 and 58.74 are the top levels.
At the end of the mount OPEC will announce the CUT desicion. Till the OPEC statement I will keep my LONG positions.
You can follow the updates in my blog.