- November 3, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
WTI Oil is on a typical Bearish Reversal pattern and the first signs of this were given last week as posted on my most recent analysis:
Right now the price is on Lower Highs, similar to the July peak and reversal fractal. If a 4H MA50 (blue trend-line) / MA100 (green trend-line) Bearish Cross is formed, it will confirm the sell target of the 1D MA50 (red trend-line). That is currently around the 0.382 Fibonacci retracement level and even though the price may dip even lower, that is a solid short-term short target.