Facts: 

• The WTI Oil price has been consolidating between 66.03 and 61.47 for 49 days.
• The consolidation limits coincide with the FIBO levels 61.8 and 78.6 of the upward wave (56-78 dollars) determined at the turn of May and June this year.
• The RSI indicator (5) remains at 66.6 in the overbought zone.

Recommendation:
Trade: SHORT on OIL.WTI at market price
Target: TP1 – 63.2000, TP2 – 61.6500
Stop: SL1 – 66.1000

Opinion: The WTI oil price on the daily interval has approached the upper limit of the medium-term consolidation, and the RSI indicator is reaching levels where corrections have occurred in recent weeks. Due to the anticipated price correction, a short position is recommended.
Source: xStation5

Methodology and assumptions:
The recommendation is based on technical analysis of the OIL.WTI chart, particularly the RSI indicator and Fibonacci levels.
The target level — Take profit 1 is set based on the average range of growth in consolidation. Take profit 2, on the other hand, results from the lower limit of consolidation and the proximity of the FIBO 78.6 level.
The defensive stop loss order is set above the resistance zone located above the FIBO 61.8 level.

Octalas AI

الربح

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