WTI Eyeing up $60 to Finish The Week


A 3-day candlestick pattern suggests we could see a bullish move towards $60 to finish the week


Commodities (WTI) Trading Account?

Yesterday’s bullish close confirmed a Morning Star Reversal pattern on D1. The 10-day MAY continues to point up and we trade within the centre of a Bullish Channel. If we see a similar move to yesterday we will test $60 per barrel before the weekend, for the first time since December.

If we see a shallow pullback then $57.42 is potential support to consider buying the dips, which comprises of yesterday’s high and Monthly R2 Pivot. A break below this level raises the odds of sideways trading and an eventual re-test of the lower bullish channel, meaning we may have to wait until next week to see the bullish resumption.

With a strong correlation between CAD crosses and Oil then I would prefer to see direct gains tonight to help USDCAD and GBPCAD towards their bearish targets.

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