Crude Oil WTI – Triangle Pattern finished, NEW strategy


JUL 11

This is what I mentioned in the latest update of JUN 28:

“In my view it’s better to wait for confirmation of a break outside the Triangle, a retest and continuation of the breakaway trend (61.5 on the upside or 57.5 on the downside).” See chart below, dated JUN 28.

WTI

The RSI broke out first, to the downside, JUN 25. What followed was a retest of resistance and on JUL 1, Price also followed to the downside after a retest of resistance of the green trendline @ 58. After the retest, the BIG move that I mentioned on JUN 19, a plunge of 15% to 50.58 followed.

What to expect for now? 

My indicators are telling me that for Crude Oil WTI, a (short term) Low might be set, as the RSI shows a Positive Reversal (RSI Lower Lows and Price Higher Lows) and the CM indicator shows signs that a LOW might be in (green bars).

Click here for a new strategy and target prices

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