I'm going to hold onto the short, and I've moved that TP way out of range... I'm thinking a big trickle down, but will take some time.
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The price of oil dropped in the aftermath of the Federal Reserve event while the Greenback rallied to annual fresh highs on the 98 handle in the DXT meeting a high of 98.68. West Texas Intermediate crude touched a low of 57.90, down -0.50% on the session form a high of $58.79.
However, oil futures ended higher on Wednesday, with U.S. prices up a fifth consecutive session on the back of the government data showing that domestic crude inventories fell for a seventh consecutive week. The Energy Information Administration on Wednesday reported that U.S. crude supplies declined by 8.5 million barrels for the week ended July 26.
Meanwhile, the Federal Reserve threw a life-line for the Dollar and the main takeaway is that the Fed is watching for development on an economic front, both globally and domestically, mindful of soft US inflation running below target.
Federal Reserve outcome
WTI levels
Technically, now supported at the 20-week moving average, the price took out the 200-day moving average earlier in the week and shot higher to pierce the 61.8% Fibo of the July swing highs and lows taking on the 58 handle momentarily, scoring as high as 58.79, meeting the 50-week moving average. On a continuation of the upside, oil can rally towards the 60 handle and double top in the 60.80s. On the downside, a break of 57.90 and the 50% Fibo opens the base of this wee's stick down at 55.84 and the rising support line of the channel. A break there opens 54.60, (a prior 61.8% Fibo.).
DislikedI'm going to hold onto the short, and I've moved that TP way out of range... I'm thinking a big trickle down, but will take some time. {image}Ignored
Disliked{quote} TC, always noticed the pattern on your chart, when the arrow appears the price advances then pulls back to the magenta then carries on, remarkable free services is this thread as I've often said, as always DIgnored
DislikedWTI H4 shows a reversal pattern between 58.4 and 58.8, above upper band 1 (UB1) which is often good shorting territory. EDIT BTW, the last green arrow pointed the way to 200+ pips. {image}Ignored
DislikedHello all, hope you are well, sorry I lost my vocals, been stuck in a checkmate situation of late but attained a default result, been looking in on the board and some great posts and some very nice little profits, respect I've tried the systematic approach and to be very honest, failed miserably, and proud to say it, Sponge, your right, there's gold in them there hills,I should stick to being an opportunist. WTI has taken me, it seems the news of past would have more impact than present, surprised we never...Ignored
Disliked{quote} Trading at 63.96 at the moment, looking for support 63.72 now but more sideways/down below this level imo, near resistance 64.20 upside target 65xx a trend line break would taget 67.45 WTI following similar pattern with upside targ 60 however possible turn date Thurs 1st August, this one could be a continuation signal rather than a turn. Just my 2p Good luck {image}Ignored