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Price pattern is indicating that crude might be ripe to resume its down trend once again or at least go down and test lower support areas to find conviction among bulls.
- Since March this year WTI crude has given correction to its long down trend that has been active since June last year and pushed prices to $42/barrel from $106/barrel. Correction has pushed prices from $42/barrel in March to $62/barrel by early May.
- Series of bearish doji, both in daily and weekly chart posing doubts on bulls' ability to push forward. Now Crude price is curving a top in daily chart with RSI indicating that bulls' might be losing strength.
Even if Crude has to move higher and March's $42/barrel to remain intact, a correction seems to be on the radar and might generate profits in the short ter.
Probable trade -
- Sell WTI at current price with $63 as stop and $51-$52 area as initial target. WTI is currently trading at $59.2/barrel.
This trade makes fundamental sense too.
- Physical market stands well supplied with at least 2 million barrel/day of excess crude.
- Dollar seems to be done with its correction and moving higher.
