Updated

WTI - buy here or wait for 68$

My analysis of WTI in early December was good and it did wat I expected, but a stupid stop kicked me out it wave 2.
Then got the perfect entry for the short at 80.5 but didn't hold long enough...

So what to do next ? Could buy it here at the 0.236 retracement but I'd rather buy at 68.5 with a stop at 67.
Always keep in mind there is also politics involved here. Oil producers need higher prices to be profitable but on the other hand they want the price of oil to drop so Russia cannot sustain their war in Ukraine.

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went up but still inside the red channel

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we got a retest of the red and white trendlines with rejection to the downside. Sitting on the 0.236 support again with retest of the channel, so I'd expect a move to the upside next week.

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rejected at the red trendline again, but still in 70$ support area.

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took more than two weeks but here we are:

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went down to the 0.092 retracement, hit the blue trend line for support and going up.

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was already expecting this after three rejections at the 0.236 retracement. Support for now is the 0.055 with another rejection of the 0.092. Might as well retrace to 67.08. Waiting before entering again.

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Bingo

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10 days later still at 67, but the trend seems to have changed already.

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daily MACD bullish cross

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good progress here, back above blue support

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channel confirmed again

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got out at 71 and back in, good support here

Trade closed manually

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obviously that wasn't good support but just a dead cat bounce.

flightleader78

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flightleader78