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…
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.
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