Analysis for swing traders
WTI is clear cut. With new 52-week high and former becoming support this is a long proposition. In my last observation for WTI I brought up inserting a Fib-R. With new high adjust this Fib-R higher also. Note that price bounced off 23.6 so this is a strong trend.
Since price is now pretty close to high might as well wait for a clear break higher before jumping. Otherwise keep eyeing that 23.6 support for another test. Second test of level will be buy opportunity. As always market may overshoot to wash n rinse this level. Consider this as a discount to reward risk-taking. It should not be used to short in case it turns out false break.
WTI is clear cut. With new 52-week high and former becoming support this is a long proposition. In my last observation for WTI I brought up inserting a Fib-R. With new high adjust this Fib-R higher also. Note that price bounced off 23.6 so this is a strong trend.
Since price is now pretty close to high might as well wait for a clear break higher before jumping. Otherwise keep eyeing that 23.6 support for another test. Second test of level will be buy opportunity. As always market may overshoot to wash n rinse this level. Consider this as a discount to reward risk-taking. It should not be used to short in case it turns out false break.
