Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

WTI: Buying Opportunity?

ByCarol Harmer
Published 11/13/2013, 06:23 AM
Updated 07/09/2023, 06:32 AM

WTI
Yesterday as expected we tested the low and made a new low of 92.86, leaving a bear triangle formation on the hourly chart. This would mean we should have a measured move to the downside of firstly the width of the triangle which is 54 ticks and then the second move which is the length of the pole 189 ticks. On route we will have support from yesterday's low at 92.86 which coincides with 92.67, the low from the 26th June and the daily downward trend line at 92.55. This would complete the first move, now if we manage to hold here we could see some buyers keeping tight stops. The hourly stochastics still have some way to go to the upside and the 240 are now in oversold territory, the dailiess have crossed back over and are heading lower, therefore we look for a small correction to the downside for a buying opportunity.

To the upside we have our first resistance at the 5 and 8 day MA 94.06/14 which concurs with the short term 26.3% fib at 94.25 , a break above here should take us higher to the short term 38.2% fib and the 13 day MA at 95.11/21 and where we could see some profit taking.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.