A bit more patience for an awesome short XTIUSD (WTI crude)
As you can see from my weekly chart, price is within a multi-year S/R zone.
The daily chart shows repeated attempts to break above the zone since end of June, but failing each time. IMO, we are witnessing another effort by the bulls and we will likely see them fail again.
I will be looking for a daily close below the zone, it will also be important to see this happen with some momentum, large bearish candles, more wicks to the upside…. all will support my bearish view.
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Always use sound money and risk management in all your trades.
The daily chart shows repeated attempts to break above the zone since end of June, but failing each time. IMO, we are witnessing another effort by the bulls and we will likely see them fail again.
I will be looking for a daily close below the zone, it will also be important to see this happen with some momentum, large bearish candles, more wicks to the upside…. all will support my bearish view.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.