Sunday, 4 June 2017

OIL: what's next

Hi Traders,

Although it's briefly retracing to $49, the WTI OIL (now at $47.71) seems to be  heading towards the area $40.6-$37.6.


The weekly chart show that the WTI OIL completed 5 waves up and started a retracement down to the area $40.6-$37.

The daily chart shows a Fibonacci confluence (K) around $45.38-$45.67 where the WTI OIL could complete the first set of 5 small waves down (from point on the right hand side of the daily chart). Besides,  $43 and $38.85 seem to be important supports.

Finally, the 4-hour chart displays the target area at $47.06-$46.96 that I previously set sometimes ago (it went down to $46.72) and also the new possible target at $49.21.

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

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