Hi Traders! Crude Oil (WTI) short term forecast update and follow up is here. On May 6th I shared this “Crude Oil (WTI) Short Term Forecast And Technical Analysis” post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now, let’s summarize the idea first:
WTI Crude Oil D1(Daily) Chart Analysis
Bearish Trend Pattern, Psychological Level, Bullish Divergence, CCI Indicator
WTI Crude Oil H4(4 Hours) Chart Analysis
On the H4 chart, the price which is moving higher has created two higher highs, higher lows pattern. Based on the current scenario there is a good possibility for the price to create one more high to complete the bullish trend pattern.
WTI Crude Oil H1(1 Hour) Chart Current Scenario
On the H1 chart, the price moved perfectly as per my analysis. We had a pullback in the form of double wave down with the price creating a bullish hidden divergence between the first low that has formed at 18.04 and the second low that has formed at 22.57. Then the price moved higher and broke above the most recent downtrend line and it moved higher further as I expected.
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To your success,
Vladimir Ribakov
Certified Financial Technician
