Wednesday, June 6, 2012

WTI Update

Didnt manage to find any valid triggers as posted in the previous analysis of WTI. However, WTI is retracing nicely giving us an opportunity to short once price hits certain levels.

Drawing a simple fibonaci, we see that 86.66 coincides with fibonacci 50%. By drawing another fibonacci, we obtain a fibonacci confluence zone where price is expected to be resisted and turnaround.
Checking this level, this level used to be a level that was well respected. Notice how price bounce off several times in the past.
We can see that price has made a 1234 pattern, a trigger I personally use. Await for price to retrace to the green region highlighted along with any trading strategy you have before considering any short positions.

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