Is WTI about to conquer new peaks?

December 19, 2016

WTI

Starting off with Oil, we’ve got back to broken resistance zone located in the range of 51.30-52.10. Oil closed last week above that level, thus filling the gap which formed last weekend due to the decision declared by OPEC regarding curbing the oil production.

Reverse head and shoulders pattern has formed in the hourly chart; therefore, it is a good option to buy away from the broken neckline or at the market opening price. But don’t forget to place a big stop loss.

Buy Limit 52.25, Stop Loss 51.00, Take Profit 1 = 55.00, Take Profit 2 = 60.00.

USD/JPY

The currency pair has broken an important weekly resistance (head and shoulders neckline) with a white candlestick pattern. This means that we should buy the pair until getting back to the level 116.14. As you can see, we should wait for the candlestick pattern to form in the daily chart. At that, the goal is visible at the level 123.00.

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