Price continued advancing, with the GCLJ9 contract reaching HoD at 57.01.

WTI Crude Oil Trading

The week opened with current price and median crossing the current downtrend line and EMA20. Price has a clear path to 57+.

WTI Crude Oil Trading

End of week update. The price dropped nearly 200 pips after crossing the current uptrend line (blue). The median line did not breach support, as I draw it, at 55.1 on H4. Price returned close to EMA20. I don't see any clues on the chart for next ...

WTI Crude Oil Trading

On H4, price moved below the MAs. Nothing readable on trend lines. Down looks more likely than up. Ed: the median line does show downward movement over past several hours.

WTI Crude Oil Trading

Current downtrend line (red) has been crossed along with EMA20, up ~80 pips since crossing. Not a breakout of its range from mid-Feb.

WTI Crude Oil Trading

WTI remaining range bound since mid-Feb ~55.0 - ~57.5

WTI Crude Oil Trading

The median line on H4 has drifted through the uptrend line (blue), although that could be negated if strong buying pressure develops. Down appears more likely than up.

WTI Crude Oil Trading

An interesting concept, implies a significant drop, > 100 pips. The median line remains trapped inside the current H4 red-blue pennant, and unable so far to get back above EMA20. This suggests down is more likely than up. Do you think ~55.00 would ...

WTI Crude Oil Trading

On H4: Price retreated from downtrend line (red) at ~57.0, crossed below EMA20 at 56.55, now below uptrend line (blue). US stock market is down, affecting WTI. H4 & M30 charts show situation:

WTI Crude Oil Trading

Price has reached newest downtrend line (red) at ~56.80 on H4. A crossing could be more likely than a retreat from the red line--could go either way.

WTI Crude Oil Trading

Uptrend line (blue) has been breached. Almost certain confirmation by next H4 bar. This strong move combined with drop in US stock market could mean an extended down move by WTI.

WTI Crude Oil Trading

US stocks are dragging down WTI.

WTI Crude Oil Trading

Resistance ~57.5 has not failed as yet.

WTI Crude Oil Trading

The pennant formation has been broken to the upside.

WTI Crude Oil Trading

The new trend lines are forming a pennant. At this moment, price movement is sideways, indefinite. It might just drift out of the pennant without a clear movement up or down. Price is approaching EMA20, which can act as resistance or support.

WTI Crude Oil Trading

New red & blue trend lines in place. Converging soon.

WTI Crude Oil Trading

Update: The trend from Feb 11 gave 2 anchors for uptrend lines. Both have now been crossed by the median line. Further decline is possible.

WTI Crude Oil Trading

Always use stops, especially with WTI, which can be highly volatile at times. I suggest maximum risk with position size of 1-2 % of acct. For now, see if a down trend develops.

WTI Crude Oil Trading

Median crossing of blue trend line may be developing.

WTI Crude Oil Trading

End of week update. We might see a blue median crossing in the coming week.

WTI Crude Oil Trading