the daily chartist

Black Gold loves the 70's

published 3 years ago
WTI Daily

 It ain't the 70's in the US, but the quote of $70. Crude has traded these days between 70 and 71, trying very hard to break through that limbo and to make an attempt at least for 72. WTI is in an overall uptrend and its big, still supported, still trading inside, nevertheless the inside impulses to the downside, none of them managed to really threaten the integrity of the uptrend. That is what I call stability. Steady price rise, supported by fundamentals and sentiment. This Summer was not a Hot one for Crude (thank God), so the price has managed to gain a lot since June 2017 actually. What may turn as a threat to the trend is the inside wedge that has formed inside of the uptrend, charted on the graph. As the price struggles to move above the upper line and play it as a Bullish Wedge or as it is right now leaving shadows and faded Bullish movements it can reverse South to test the lower trendline. If this happens and it is confirmed we may see an impulse move, clearing of the stop losses there for that liquidity needed to push up again or to accelerated the movement down towards 67.19 and 66 and 64.52 in the long-term. In the end, if everything remains relatively calm in the Middle East, no one pushes for more production and OPEC keeps reason, we may see steady, normal rise for the Crude price even continuing in the next year. Time will tell, but of course trade with caution, now longs are suitable.