About WTICOUSD(Crude) for OANDA:WTICOUSD by rajbhilarkar2000
The current crude chart raises a lot questions….. Will wticous(crude) break the recent low, or will it show recovery for a upward movement ? Is the of 83 valid ? Is the fibo levels in 1hour chart working in the favour of a move ? If at all the price breaks the 83 mark or support, where would it head ? In the month of June WTICOUS(Crude) was trying to hit a new high and failed. After 8Th June 2022 price started to fall after hitting the price mark of 124.418. The fall continued till 27 September 2022 with price hitting 76.571. After this, the first sign was seen in 1 hour chart, when the breakout of 1st structure change happened, on the price mark of 83.204. This was retested on 18th October 2022, and price started to show movement.
The current price movement seen in the chart, it is showing all the correct form of bullishness, may it be any time frame 1hour, 2hour, 4hour or 1Day. If price breaks the level mark of $83 to $82.50 and sustains the breakdown, then the down trend will continue. It will result in price heading towards the levels of $79.418 & $76.517 which you can see in 4hour chart bellow .
The first sign in WTICOUS(Crude) will be seen, if the price sustain above $88.
Keeping in mind that market is the boss. have given us two major levels to look out for, $88 & $82. These levels where marked important by the author with the help of simple tools like Horizontal ray, , fib retirement filter and simple price action of 1hour, 2hour, 4hour and 1day. On the trading view platform. OANDA:WTICOUSD