DAILY ANALYSIS

Traders can follow economic events or news which may affect the trend of this pair, to adjust on trade position.

DAILY WTI/USD

Support & Resistance: S1: 66.5

From the weekly chart, the price has supported above the uptrend trendline, traders can trade short position when the price breaks the support level. The price level where traders should look at is $53.5 and $50. If the price breaks the uptrend support level, the first price level to be challenge is $53.5. $50 is a strong support level, it may not break easily so traders can take profit there and observe the market. This trading strategy is for long term and since we are trading for huge price difference from $63 to $53.5, so we can place the stop loss further (68) Risk-reward ratio is 1:2.