WTI following OPEC
i Guys,
following the breach of $58 after OPEC+ meeting, WTI was supported at $56 and may be starting a pullback despite 200SMA bearish pressure is still on.
The pullback commenced to unfold Friday afternoon to close the week right on 0.618 Fibo retracement of the fall after OPEC+ meeting (yellow 12345).
IMHO the horizontal move in the grey channel after 5, above $56, below 200SMA, swinging on 50SMA, may be viewed as an accumulation period above $56 according to Wyckoff.
30 min. timeframe quite noisy. OPEC+ posture is bullish but WTI fell from $58 to $56 when meeting ended. Why? to shake some people out, build support and rise later on? Uhm...let's be patient and see what happens. Need to be ready for opportunities if and when they arise
For additional infos about WTI please refer to the related ideas linked at the end of this post.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
following the breach of $58 after OPEC+ meeting, WTI was supported at $56 and may be starting a pullback despite 200SMA bearish pressure is still on.
The pullback commenced to unfold Friday afternoon to close the week right on 0.618 Fibo retracement of the fall after OPEC+ meeting (yellow 12345).
IMHO the horizontal move in the grey channel after 5, above $56, below 200SMA, swinging on 50SMA, may be viewed as an accumulation period above $56 according to Wyckoff.
30 min. timeframe quite noisy. OPEC+ posture is bullish but WTI fell from $58 to $56 when meeting ended. Why? to shake some people out, build support and rise later on? Uhm...let's be patient and see what happens. Need to be ready for opportunities if and when they arise
For additional infos about WTI please refer to the related ideas linked at the end of this post.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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