Down flow WTI meets up flow just in time for OPEC Meeting
WTI is now perched on a trend line clearly visible on both daily and weekly time frames.
Current down trend on daily time frame converges with an up trend on the weekly. Short term speculators are running into fund managers looking at a longer horizon. Two big candles yesterday and the day before are signs of contest.
OPEC will meet this Friday 22 June 2018.
In my opinion, some patience is best now. Sometimes we win by choosing not to participate.
We could bet on long now – proposition looks good at support but volatility could easily stop us out. If that happens, we might or might not find reasons in the chart. Could happen easily due to news flow. We could also go short now but how much room to make a bit of profit if support does not give way? Maybe early shorts are already heading for the exit. A bullish stampede could easily steamroll over.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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