FxWirePro: Go long in WTI as candle points to sharp upside

It’s time to go long on WTI.

• The chart from Net Dania using data from InterContinental Exchange (ICE) shows that yesterday’s candle pattern was a ‘Dragon-fly Doji, which is quite a bullish candle, and as expected, WTI is on the rise today.
• Charts from other sources using real-time Contract for Difference (CFD) data also points to bullish bias as the candle pattern hammer has been formed.
• Though we remain bearish over the longer horizon, the near term trend is tilted towards the long side and it is highly possible that WTI would test $60 area.
• Now, for the Dragon-fly Doji, we expect the U.S. benchmark crude WTI to retest last week’s high above $55 per barrel and possibly break higher.