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WTI Oil – Approaching Range Resistance | Apr 14
NOTE: I’d like to share some links to some really fantastic trades by some members of ours.
Mr. Bent really took on my sell trade recommendation with the EURGBP and pyramided into the trade several times, all for profit, and all good trade locations.
SMax used a nice combination of a trend + horizontal and dynamic resistance to achieve a +6R and +12R trade. Impressive work all around.
WTI – Approaching Key Resistance (4hr chart)
Still stuck in a major range, WTI looks like its wanting to break higher from the key resistance at 53.75 we’ve talked about in prior member commentaries. Notice how the last pullback stalled pretty quickly and found bids shortly after.
This marks a HL (higher low) and its been pretty consistently bid since just touching 50 on the latest pullback.
A break above here + daily close would trip some MT stops, so would expect a run up towards 55 shortly after. Only impulsive selling from here gives the bears some fresh air. But a potential breakout-pullback setup above resistance should strong buying come in from here.
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