Is WTI about to go up again?

3 April, 2017

Is WTI about to go up again?

The Oil price has formed a bullish engulfing in the 3rd point of the ascending channel in the weekly chart. This signifies the fact that the correction of the Oil prices is about to end soon. We should get back to the ascending channel (blue trend line) and buy Oil next to the level of 50.25 relying on the candlestick patterns.

When it comes to Australian Dollar, we have the broken descending channel in the weekly chart. A pullback from the broken downtrend has already happened once in the daily chart. Now, there is a chance again to buy away from the broken downtrend, if the channel gets retested. It is wise to buy the asset around the 50% Fibonacci level, that is, at the level of 0.7450.


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