WTI report for swing/day trades #7
WTI swing longs might profit bide retracement for long re-entry
Analysis for swing traders
WTI continues to power high. Both daily and weekly time frame agree to continue long. Current price being close to previous top at 72.88 this may be area for profit taking so any weakness could lead to sell off as bulls take profit and bears step in.
Those who want to add position or who missed the boat should wait for retracement. Nearest shadow is between 71.38 – 69.74 which is formed by last 3 weeks’ closing price. It is convenient that a Fib-R drawn on the latest wave shows Fib-R 23.6 (71.55) and Fib-R 38.2 (70.30) right in the shadow. If this is truly now a very strong uptrend expect a flag orto go long right in the shadow.
Analysis for day traders
Continue long with current white week candle but be careful. Since price is now at or slightly above previous top the worst that could happen is to step right in long just before a blow-off top appears.
News change minute to minute. If Colonel Kink followed news the good Colonel would be bipolar. Follow the chart. If the chart says charge the Colonel asks how fast? If the chart says reverse you cannot no longer see the good Colonel’s back.
ColonelKinkSAR™ Method explained
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
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