West Texas Oil

WTI: downside potential

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Hi traders and investors!

This analysis is based on the Initiative Analysis concept (IA).

Weekly timeframe
A buyer initiative is tentatively developing, yet the strongest buyer candle (highest volume) produced no follow-through. It was followed by two buyer candles on weak volume. Last week volume expanded again and clustered around 69.975, showing that sellers are still defending this level. Weekly seller targets: 65.628 and 64.378.

Daily timeframe
Sellers remain in control. The chart clearly shows volume manipulation around 69.975. Daily seller targets: 65.628 and 64.736.


Wishing you profitable trades!

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