Hey, traders. It's Friday again. Hope you guys have great weekend. Today, we are going to check WTI chart. Let's see quickly.
We can see 1. long-term ascending channel had broken 2. short-term descending channel 3. support on 81.000 and 72.500 4. resistance on 85.000 and 89.500
We should check Friday - Britain Retail Sales, ECB President Lagarde Speaks, Existing Home Sales
We can expect 1. jumping up to 88.500 by support on 81.000 2. keeping upward movement to 92.500 by breaking resistance on 88.500 3. droping to 72.500 which is bottom support of descending channel
The price reached support on 81.000 but seem like it's breaking that support line. If it's broken, the priec will drops to 72.500 and we should switch our position to Short. Let's see if we can keep our long position from 81.000.
Thank you for reading and hope this insight was helpful.