Is it time to sell WTI?
Dave Green • 1 min read
Morning, traders. Hard luck with the previous trade in WTI, shared on 9th February as "The WTI filled the Gaps Eventually" and we lost -17 pips on the stop loss. Well, it's part of a game. Let's have a look at the fresh fundamentals that are likely to impact the WTI trades.
At the moment, the WTI crude oil is trading bullish at $53.02, adding +0.68 points and +1.30%. The bullish crude oil seems to "price in" the uncertainty caused by an upcoming meeting between the President, Donald Trump, and the Canadian Prime Minister, Justin Trudeau, on this coming Monday. However, in this meeting, they are likely to discuss trade and major crude oil pipelines.
Just for your knowledge, Canada has more than 70% of exports to the USA, most of its accounts for Crude Oil. So, this meeting is putting pressure on Crude oil, causing bullish momentum in it.
We can see in the chart that the WTI has completed a $61.8 Fibonacci retracement at $53.47, and a closing below this level is likely to add sellers in the market, aiming at a $52.80 take profit with a stop loss along the way. However, the oscillator indicator, the RSI holding at 55, is not in support. Lastly, the buying positions are recommended but only above $53.41, with a take profit above $53.12.