Recent downtrend in crude oil probably will countinue following months. It could not break the R1 level (0.63 level) and with the high chance it will get down to S2 level (lowest level in 2009) (strong support level in 0.76). Which will end up seeing perfect Gartley in R2. You can trade with the structure levels or you can wait for R2
Great chart!
Would you suggest a strong buy at S2 with R2 as the target. And just wondering, what would the plan be after R2 is reached.
Thanks
nijat.namazov
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Thnks!!
What i think is, it is ideal trend following trade with gartley support. To buy @S2 would be agresive trade but it is tradable, but if it touches or (passes) S2 level and bounces back to R2 level i strongly suggest to sell @R2 level with the stop loss @X level.
JulianHiguera
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I believe you are still right and WTI may still go down to 32ish.. any way you can update your chart given recent developments from the past two days to see if your analysis still holds?
Thank you
nijat.namazov
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It seems now crude oil in 37.75 price level which entered short term correction to test S1 level. I am expecting it will hit targer (S2 ) next week. Let us see what will happen.
Best,
JulianHiguera
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That makes sense. Granted Yellen or some Saudi Prince starts talking the market and Oil up....
Would you suggest a strong buy at S2 with R2 as the target. And just wondering, what would the plan be after R2 is reached.
Thanks