WTI: today till Friday in bid mode
|WTI
Well WTI was on a roll yesterday slicing through both the daily and weekly pivot without too much trouble....Now we have been higher on the 4th Sept when we overshot that 61.8 Fib and went to 71.40...now you can see that the weekly and daily pivot are nopt that far apart 6867 weekly...daily 6891...also intersecting with the 38.2 of 6855....currently trading around 69.57 we have the 55 day M/A at 69.31...s and the 9 day at 68.98....so as long as we can stay trading above all these 4 levels...we should today till Friday be in bid mode...
Now don't get me wrong...there is every chance that we can come down and retest the daily and weekly pivots but unless we bust 6800 just to get the 21 day out of the way @ 68.07 the market will continue to rise...Look at the technical indicators...the stochastics are bullish... it is only the daily RSI and ROC that are still showing negative....but as I say ...stochastics are leading indicators not lagging ones...so I will stick with the stochastics...unless 6800 is broken....
If we do break 6800 we would be looking at 66.97 as a viable target that doesn't tie in with any Pivot points on the weeklies or dailies... but on the pullback from 64.40 to 71.40 we held this level really well....so there is no reason why we could not do that again...
Now lets say we do not trade down to out weekly/daily pivots and stay above 69.31 ish...there is scope once more to trade higher and we would then be looking at the market coming up to the recent Sept high of 71.40...Yes we did reject that level once ...but it is the 61.8 fib and as I have said...these are important fibs....A break however above 71.40 and sustained on a close basis would take WTI upto 72.95/73.00 quite quickly....
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