WTI Crude hourly
WTI Crude price closed at $ 45.12 on Friday. Both bulls & bears are hoping the move in their side. But looking at the crude hourly chart, we can easily notice that the price is moving in a consolidation fashion in a measured Symmetrical Triangle or coil. Same way on the Ichimoku system, price is moving within the cloud, which is again untradeable space. Around the inventory timing at yesterday, price try to breakout from cloud on downside but failed in that attempt & turn upward. Again price had to give respect to the descending trend line where price respected the line for three times in recent past and turn around. So price repeated the same move for fourth occasion and returned in cloud making the " noisy " word true. As per Ichimoku system, price is within the untradeable entity because it is within the cloud. Both base line & convergence line are crossing each other again and again in same price band.
Now looking at the coil, we can see that the coil pattern is about to end soon because space for movement of price decreased considerably. So price has to come out of it giving breakout to pattern within next 8 - 9 candles ( max ). If this happens, we can see both side breakouts as a character of coil. In both cases price will also come out of cloud also, which gives us more solid reason to enter in trade.In the case of upward breakout, major resistance and target of price will be $ 47, which is prior high. In the case of downward breakout price will get support in the region of $ 42.40 - 42.70.
Update 1, 31/12/2018, 11.30 IST
wti crude hourly
wti crude hourly
WTI Crude price gave upward breakout from coil & Ichimoku cloud. I am feeling little uncomfortable with bullish position but chart has no emotion. So as a rule of trading, I am holding long with strict stop loss below resistance line of the coil. Lets hope for good. Jay Shriram.
Update 2, 31/01/2018, 08.10 pm IST
WTI Crude hourly
I booked all profits and exited from this long trade because I am not comfortable with long position in crude. I am seeing this spike as a pullback of a falling price in big timeframe chart ( weekly ). Bear flag is developing and nothing else. So guys, enjoy profits, Jay Shriram.
