I see WTI hitting 107 by end of 2018
WTI is on the up trend. This is loud and clear. The moment it hit a new 52-week high, I want to ride long as far as possible. This was also reinforced from the point WTI exceed 3-year high at 62.6. Recent posts on this blog here, here and here were all bullish.
Higher-high and higher-low turning points in the weekly chart also strongly says long continuation.
This is my analysis. Call it objective analysis or wishful guess but I see WTI reach 107 by end of 2018.
- WTI is making new 52-week. This is uptrend.
- WTI is making new 3-year high.
- Since we ran out out previous resistances to refer to for the last 3 years, we should go back by 1 more year to 2014.
- 2014 high is 107.65 or 106.78 if you use the line chart. This is where my target of 107 comes from.
- Why not use any other levels? There are plenty in between. This is now a matter of personal preference. If we go back further than 2014, there are plenty of levels to use as potential resistance between here and 107. So many we would be immobilised with anticipation. So scratch those.
Reminder: Keep close eye on XLE!
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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