Urgent! WTI has successfully tested the broken support on D1As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 37$.
Please note that our game now is on the daily chart as the price could successfully break the 37$ level which was a very important historical support, and then retested it on the H4 chart by making a bullish channel to touch the point and then to fall down, then it made a double-top formation on the h1 chart and RSI warning us that it's time to short.
But on the D1 chart, why did it break the support then retested it? where it's going to?
If you have a good eye, you'd see a double-bottom formation with a broken neckline on the 28$ level, but we haven't tested this line yet, so we need a confirmation between the area of 28$ - 32$. Yeah, a wide area, but it's because we have some strong resistances on 32.5$ (Fibo 23% of the bullish wave that started from 6.5$ + a historical resistance), 31$ (historical resistance, then 28$ (the neckline resistance). So, those should be our main targets in the long-term.
When to sell on the H4 chart?
As I've just said, it broke the 37$ level then went down to 34.4$, and from that point, it started to make a bullish channel and went to test our broken support. So, we need a H4 candle to close below the down-trend of the bullish channel, and we are about to have this right now, although it may go up a bit to close the gap that was made when the market opened today.
And here we go, we are about to start shorting with so nice opportunity to have nice profits. Our target as I've said are 32.5$ (main target), 31$ (normal target), and 28$ (main target). We should put our stop loss above the right shoulder on 39.1$ and wait for H4 candle to close above it to make sure that it's time to close the 41$ gap.
Don't forget to tell me your opinion and how you see OIL in comments! I'm waiting for you ideas
Chiao!
