WTI: Levels, Ranges, Targets

What explains partly the drop in WTI was Fed Funds closed at 0.81 from 0.91. When Yellen raised interest rates March 15, Fed Funds skyrocketed from 0.66 to close everyday of the last 11 trading days at 0.91. The point at 0.91 is not only above the 0.87 to 0.88 mid point but the mid point is the traditional location for Fed Funds. A one day drop from 0.91 to 0.81 is a big day. The second aspect to WTI’s drop was failure at reported must break at 50.92 and 50.95.
Yesterday’s reported long target based on today’s trade was 51.03 but only if 50.92 and 50.95 broke higher. WTI failed at 50.84 in NY trading at 9;00 as well as the 24th hourly candle. Point 50.84 resulted in an hourly double top and it was the interval between 50.82 to 50.88. The trade strategy was short on a failure at 50.92.
The bottom at 50.51 and furthest point at 50.35 saw actual bottom at 50.14. Trade strategy was long at 50.51 and long for a free trade on a break lower at 50.51. The target on a 50.51 break lower was back to 50.51. Actual from 50.14 was 50.46. Overall, from 50.84 to 50.14 saw a 0.70 move for WTI.
The long target in the next “24 Hour Trade” is 50.52, 50.55 and 50.58. Top of the daily channel is 50.78, 50.83 and 50.88 but respective points are not expected to be seen. To achieve target then 50.48 must break higher. Failure to break 50.48 then short is the strategy.
Higher for WTI means breaks must be seen at 50.30 to 50.32, 50.34, 50.38, 50.42, 50.48 then 50.52 to 50.58.
The bottom and long point for WTI is located at 50.02. The key to the bottom is 50.21 must break. The long point target from 50.02 is back to 50.21. The furthest points below 50.02 are 49.94, 49.87 then 49.79 and 49.72. Should 50.02 break then free trade long to 50.21.
Below points begin at 50.13, 50.10, 50.07 then 50.02.

 

Brian Twomey

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