WTI Eyeing up $60 to Finish The Week

WTI

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

wti

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.

Let’s get started...

Broker Rating Markets Available Fees Open an Account
Kawase Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 3.60 /5
(15 votes cast)
Loading...
Shares, Indices, Forex and Oil Spread From 0.1 and 0.2% Commission Visit Website
Plus500 Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.48 /5
(452 votes cast)
Loading...
Stocks, Commodities, Indices and Forex. Zero commissions. No monthly fees. $10 USD fee for unused account for a period of three months. Visit Website
MaxFx Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.70 /5
(89 votes cast)
Loading...
Indices, Forex, Metals, Shares From 0.1 Raw Interbank Spread Visit Website

Related Articles

29.06.2015.

Greece to Dominate Sentiment


03.08.2012.

FX Trade


Risk warning: Your capital may be at risk. CFD trading is suitable for experienced traders and not beginners.