WTI Crude had hit fresh monthly highs at $41.60 on June 23, 2020 and reversed lower. The short term wave counts are clear as follows: The drop from $41.60 through $37.06 could be Wave 1 or A. The pullback rally managed to reach fibonacci 0.618 retracement of Wave A, around $40.00, which could Wave 2 or B. If the above short term counts hold, WTI Crude should stay below $41.60 and head lower towards $34.25 and further, as Wave 3 unfolds. Overall, the commodity looks bearish against $41.60 over the next few weeks.
Short, Stop @ 41.60, target @ 34.25 and beyond.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Short, Stop @ 41.60, target @ 34.25 and beyond.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.