Hey traders. Thank you for the comments and boosts.
Today's chart is WTI. Let's check it.
We can see
1. the descending channel.
2. rebounding from the bottom line of the descending channel.
3. middle line of the descending channel is on 90.000
We should check
Friday - US Core Durable Goods Orders, Core PCE Price Index, US Core PCE Price Index, US New Home Sales
We can expect
1. keep upward movement to middle line of the descending channel.
2. the price drops for short-term by resistance on 81.500
3. the price drops for long-term by resistance on 90.000
Because of rebounding from the bottom line of the descending channel, the price will keep rising to middle line of the descending channel.
Which means, having long position is much more favorable.
So, we can have long position from 77.000 which is support line to 90.000 which is middle line of the descending channel.
But, there is resistance on 81.500 so we may need to close our position and buy again. (the price will drop for short)
Let's see if we can make good trade.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Today's chart is WTI. Let's check it.
We can see
1. the descending channel.
2. rebounding from the bottom line of the descending channel.
3. middle line of the descending channel is on 90.000
We should check
Friday - US Core Durable Goods Orders, Core PCE Price Index, US Core PCE Price Index, US New Home Sales
We can expect
1. keep upward movement to middle line of the descending channel.
2. the price drops for short-term by resistance on 81.500
3. the price drops for long-term by resistance on 90.000
Because of rebounding from the bottom line of the descending channel, the price will keep rising to middle line of the descending channel.
Which means, having long position is much more favorable.
So, we can have long position from 77.000 which is support line to 90.000 which is middle line of the descending channel.
But, there is resistance on 81.500 so we may need to close our position and buy again. (the price will drop for short)
Let's see if we can make good trade.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
