After roughly a month of consolidation in a wedge pattern, WTI price action has finally broken out. A re-test of broken resistance along with a pullback to 50%,61% fibonacci retrace of the July 20th swing low to July 21st swing high with some nice reversal candlestick pattern would provide a nice correlation for entry. Larger time frame fibonacci levels also shows a nice strong break and close above the 61.8% fib retrace from the Jan high to the April low correlating yet another potential for upwards momentum. Will continue to monitor the lower timeframes for a more precise entry if candlestick patterns reveal themselves.
RR 1:4
Risking 2%
Reward 9%
RR 1:4
Risking 2%
Reward 9%