Oil is firmly in it's corrective phase following the rally we've seen since 11th Feb. This sell set up is a short term trade with a view to reverse the position for a longer term bull run higher.
To understand the context of this analysis (60 minute chart) please have a look at my previous Oil charts (daily charts) which have been linked below.
Short term bearish (1-2 weeks) Long term bullish (6 months+)
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Correction - on the chart I say that any stops for short positions should be just over 40.80... this should be 41.80. Conservatively speaking short stops should be a few pips over 42.00
You were spot on!, great chart. any way you can update your chart given recent developments from the past two days to see if your analysis still holds or to see if there is a chance WTI goes back down to 35-32.50 area..?
Thank you
max_andronichuk
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Hi Julian, please check my most recent chart posted yesterday where I illustrate the action since. I believe it is more likely than not that we will see 35-52.50 before the bull rally continues. Thanks for your question.
Thank you