WTI: levels, Ranges, Targets

WTI last week traded from 50.85 to 47.06 for 3.79 points. The 4 and 8 week highs traded 53.76 and 54.95 while 4 and 8 week lows traded 47.09 and 47.06. Both 4 and 8 week lows were seen within the last 3 weeks. WTI’s best volatility weeks were seen at the 4 and 8 week points as 4 weeks ago 5.48 was the weekly range V 2.84 for the 8 week.
The 4 week high average is current 50.72 and 52.54 against the 8 week for a 1.82 point difference. The 4 week low average at 47.35 traded against an 8 week low at 49.90 for a difference of 2.55.
The 4 week average range is current 3.37 and 8 week at 2.64. Minus highs and lows, the overall range average is 2.40.
For “The 24 Hour Trade” from close to close, the long target is located at 51.03 but WTI could trade to the last 2 upper points at 51.12 and 51.16. Imperative to the long target is WTI must break 50.92 yet a clean break is seen at 50.95.
Two alternatives for shorts are reverse short at 51.03 and short if WTI fails at 50.92. The point at 50.92 is key to “The 24 Hour Trade”. What encourages longs and a 50.92 break is the 2 year yield is low at 1.26 and seen 3 times in March. Further, DXY sits on massive supports at 100.23, 100.14 and 100.03. On the radar for long trget in days ahead is 52.17 yet the overall interest is “The 24 Hour Trade”.
On the bottom side and the long point is to hit the cluster supports at 50.51, 50.55 and 50.63. A break of 50.51 can only see 50.35. Should the bottom at 50.51 break then a free long trade exists to target above 50.51 to 50.63 and 50.65.
Here’s trade able levels until Monday close for “The 24 Hour Trade”, 50.51, 50.63, 50.65, Then above at 50.72, 50.82, 50.88, 50.90, 92 and 95 and target at 51.03.
The close price for Monday should be right at the 50.95 vicinity.

 

Brian Twomey

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