WTI Oil price is highly probable to rise towards 55-65$ over the coming weeks. Price has reached important support levels and as long as price remains above 41-42$ there are a lot of chances of seeing a new upward move starting soon.
As can be seen in the weekly chart above OIL price has completed 5 waves down and is in the process of bouncing towards the 1st target of 38% Fibonacci retracement. Weekly stochastics are positively sloped and the lower Ichimoku cloud boundary is a very feasible target.
In the short-term price has managed to pull back towards the support area of 43-44$ and as long as we trade above 42$ a spike higher could be in the cards over the coming days or even hours. So we are risking around 2-3$ per mini contract with possible targets 10-15$ higher from current levels. I’m bullish now at current levels. I want to see Oil futures break above the short-term downward sloping trend line and the 46.15$ level.
As always, thank you for taking the time to read my latest post.
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.