We are very close to the minor trend line in Light Crude Oil Futures (WTICOUSD , CL1! , USOIL ).
We are below the average price of the fourth quarter of 2019, which is more than 10% below the average of analyst forecasts.
Predictions don't always hold, but it was good data for comment.
I would like to see clear closing on the minor trend line (orange) for long position and get approval.
If this is the case, we can try a long position with a valuable risk / reward ratio since we are far from resistance.
For the short position, I think we need to move a little further away from the minor trend line.
So for the short position, I'm a little negative:
The equilibrium price level I'm aiming for is well below 55 -60, so I need a negative scenario for it to give me a foothold in the economic bulletin.
So I'm watching this pair a little bit this week.
For my opinion : we're closer to the long position.
I think that traders who will open positions in lower timeframes should adjust their stop levels well because of the high volatility.
I wish everyone a good week.
We are below the average price of the fourth quarter of 2019, which is more than 10% below the average of analyst forecasts.
Predictions don't always hold, but it was good data for comment.
I would like to see clear closing on the minor trend line (orange) for long position and get approval.
If this is the case, we can try a long position with a valuable risk / reward ratio since we are far from resistance.
For the short position, I think we need to move a little further away from the minor trend line.
So for the short position, I'm a little negative:
The equilibrium price level I'm aiming for is well below 55 -60, so I need a negative scenario for it to give me a foothold in the economic bulletin.
So I'm watching this pair a little bit this week.
For my opinion : we're closer to the long position.
I think that traders who will open positions in lower timeframes should adjust their stop levels well because of the high volatility.
I wish everyone a good week.
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Minor Trendline breakout occured ! . I ' ll share my analysis with new idea after i look agenda.
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