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WTI Oil – Breakout Pullback Setup Profits Heavy | Apr 15
WTI – Breakout Pullback Setup Profits Heavy (1hr chart)
Yesterday in our daily member commentary, we covered WTI and suggested an upside breakout seemed most likely. We also suggested looking for a breakout pullback setup off 53.75.
Looking at the chart below, we can see this is exactly what happened, a pretty textbook example with the commodity now 225 points higher. Congrats to all the members who bought this breakout pullback setup as you’d be in a large profit by now.
With the LT range being broken and many stops tripped, bias ST is bullish with some MT bullish spice in there as well. Weak pullbacks towards 53.75 should be bought with a move towards 56 and 58.43 on deck.
Only a daily close back below 53.75 negates the ST bullish bias.
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