Developing story.
- WTI is correcting a weekly impulse which gives rise to a bullish trade setup.
- The price has stalled at resistance and technical indicators have confirmed a bullish environment.
- A buy limit order can be placed at support structure with the view of a continuation of the weekly/daily corrections.
Following on from earlier analysis, the market has finally moved into a favourable environment for establishing a trade setup with a buy limit order.
The prior analysis can be read here: WTI Price Analysis: Bulls back in the game, back to the drawing board for 1:3 R/R setup
Daily chart
The price is already well underway in its correction, confirming the prior analysis in the initial article.
The timing of the initial setup wasn't quite right, and the stop loss was triggered for a breakeven outcome, and that is perfectly fine.
However, on this occasion, the setup will be according to technical indicators which have now aligned in order for a buy limit be placed at a strategic location to offer a 1:3 risk to reward (R/R) ratio.
All of the analysis from this point on can be done on a 4-hour time frame.
4HR chart
As it stands, a buy limit from support to TP (take profit) 1, or 3 (I) offers a 1: 2.5 risk to reward while there is a 1:3 risk to reward to TP 2, or 3 (ii).
Price action updates will be displayed on a four-hour basis and can be followed in the next related article in the news feed.
A link to any fresh corresponding news on this set up will be posted here as a link as price actioned unfolds...
Extra reading
Related events are coming up this week in OPEC and stoke pile data. There are also the risks of storms in the Gulf which should be monitored.
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US Gulf Coast braces for hurricane, WTI bulls getting in their buy orders
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