- December 16, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
This is an update to a pattern on WTI that I’ve been working on since August:
As you see, the price did eventually rebound and right now is consolidating within the 1D MA200 (orange trend-line) being the Support and the 1D MA100 (green trend-line) being the Resistance. This is similar to the August 25 – September 10 consolidation, looking like another accumulation phase before a major rally.
Be ready to buy the break-out and target 76.30 on the short-term, which where the 1D MA50 (blue trend-line) may act as a Resistance. After the (yellow) Lower Highs trend-line breaks, our attention shifts to the long-term target of $85.00.