WTI Crude: And you thought it was already bearish
It was also a bad week for oil. And that’s no coincidence - both oil and stocks work in the ‘good times’ and tend not to work in the ‘bad times’.
OK, times are not "that bad" but it's seasonally the worst time of the year (September and October are on average the worst months for stocks over the last 100 years), and there’s the US election coming up to cause some uncertainty.
WTI crude oil futures have broken to the downside of a triangle pattern - that’s bearish and means we will favour bearish setups on lower timeframes.
The 4 hour chart shows support broken at 72.50 and again at 70.0.
The more conservative entry to any new short positions is at the former, with aggressive entries to be found at the latter - with 65.0 one target below ahead of the weekly support level and well before the objective of the triangle pattern around 51.0.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.
OK, times are not "that bad" but it's seasonally the worst time of the year (September and October are on average the worst months for stocks over the last 100 years), and there’s the US election coming up to cause some uncertainty.
WTI crude oil futures have broken to the downside of a triangle pattern - that’s bearish and means we will favour bearish setups on lower timeframes.
The 4 hour chart shows support broken at 72.50 and again at 70.0.
The more conservative entry to any new short positions is at the former, with aggressive entries to be found at the latter - with 65.0 one target below ahead of the weekly support level and well before the objective of the triangle pattern around 51.0.
But that’s just what we think, do you agree or disagree?
Send us a message and let us know
Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.
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