WTI Crude Oil: Evident Enough For Eruption Of A Short Covering Rally
Satendra Singh | Jul 29, 2017 02:57PM ET
On analysis of the movement of WTI crude oil futures price, well according to the path which I concluded in my last analysis "WTI Crude Oil: Overwhelming The Technicals", I find the bullish sentiments seem still prevailing over the many minds, not only of Bulls but now the Bears also seem to be in fear.
Now, the fearful Bears are forced either to surrender or to run more upward at earlies, which may further result in an eruption of a "Short-Covering Rally" because the WTI Crude Oil futures price has stated peeping out over the long term resistance. Although, some profit booking may bring the price a little bit downward but consolidation at the current levels will soon witness a strong Short-Covering rally till the achieving new heights of the season amid growing volatility ahead. On analysis of the movementment of WTI Crude Oil futures price movement in different time zones, I conclude a propositional training zone for the Week of July 30th, 2017.
Have a Nice Trading Week.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.