#WTIOIL is in a strong uptrend but in a retracement phase. Could this offer us both short and long term swing #trading opportunities?
Watch the video to learn more…
The price of WTI is in a strong upward trend in line with the rally in stock markets. The seasonal pattern for Oil shows some bearishness throughout the months of September, October and November. This could offer us short term trading opportunities to the downside.
Looking at the weekly chart we can see that the price is in an upward trend but in a retracement phase. This phase could see the price move back to the key weekly highs. This could see buyers step back in, in the bigger picture. But for now we can look for opportunities in the retracement phase.
The 4hr Chart
The 4hr time frame is not as clear as we would like it to be however, the price is still technically forming lower lows and lower highs. The recent 4hr bearish close is rejecting a minor level which could offer a short opportunity.
If the price moves to the support and starts to form bullish reversal patterns like the double bottom or inverse head and shoulders, we can begin to switch our bias and look for long opportunities.
See our previous EURUSD analysis here.
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