Crude Oil (WTI): Daily confirms possible retracement to come...
I think we will get at least a retracement soon...
Stochastics heavily overbought, should get some relief soon, would be nice if we get to the zone depicted by the rectangle but we may fall short of it, let's see...
This is backed by the weekly chart since this zone is where upper BB and MA(100) meet also...
Caution though, could only be a small retracement since weekly stochastics and RSI have room to move up and we have the possible bearish Cypher not much higher (important to know for placing stops and trailing them sooner rather than later...).
A phased-in short could start where we are now and build up until we reach my preferred short zone...
If the down move sets through then targets are the channel boundary, support below and eventually maybe even a bat if we ever get that low...
Weekly chart:
Stochastics heavily overbought, should get some relief soon, would be nice if we get to the zone depicted by the rectangle but we may fall short of it, let's see...
This is backed by the weekly chart since this zone is where upper BB and MA(100) meet also...
Caution though, could only be a small retracement since weekly stochastics and RSI have room to move up and we have the possible bearish Cypher not much higher (important to know for placing stops and trailing them sooner rather than later...).
A phased-in short could start where we are now and build up until we reach my preferred short zone...
If the down move sets through then targets are the channel boundary, support below and eventually maybe even a bat if we ever get that low...
Weekly chart:
