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.
So, according to your ANALYSIS this will go back UP to 90.00 USD? You have RED CHOCH on 1D for months and price 81.50 has been rejected 3 times now. Please explain before I say You want to blow people accounts. And why do You think this should go 'To the middle of the DESCENDING CHANNEL'?
shawntime_academy
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@PM_Gifted, because the price tries to follow the average line and, in the descending channel, it is middle line. Also, I believe the bottom and top line of the channel has the strongest repulsive power in the channel. And, I already mentioned, we should close our position at 81.500 from 77.000. As you can see, this made good trade since I uploaded this idea.(This analysis was wrote 18 days ago.) According to my analysis, YOU HAD TO MAKE PROFIT NOT LOSS AT THIS TIME. Also, I mentioned we can buy again after the price breaks 81.500. Please read my mention again, and reply.
And, because the price couldn't break the 81.500, I will make new analysis in this week.