WTI tested 786 fib - can we long now?

When WTI (West Texas Intermediate) crude oil reaches the 78.6% Fibonacci retracement level, a common behavior is to experience a reversal or consolidation.
This may indicate a shift in trend to bullish or a period of consolidation before further movement.

The current Fibonacci level aligns with a significant historical support area with ±77$ price range, it may strengthen the potential significance of this fib level as a support zone.

Taking into account the current geopolitical situation, while military conflicts may seem to pause or temporarily de-escalate, it doesn't necessarily mean they have been fully resolved, and anything can happen.

To summarize, I see LONG potential up to the next fibs as the targets (65)

Best of luck!

Commento:

Looking at what happened today, it seems like WTI isn't staying at the 786 place.
I think it's going to head to the next support place soon at 73-74.

Trade attivo:

Trade open:
BUY @ 74.58$

Trade chiuso: stop raggiunto:

Stop reached @ 74.18$

Trade attivo:

Re-entering trade @ 73.217 $

Trade chiuso: stop raggiunto:

Stop reached @ 73$

Trade attivo:

Re-entering trade @ 72.47
SL 71.47
TP 77.47

Trade chiuso manualmente:

Closed on BE

Trade attivo:

Re-entering trade @ 68.23
SL 66.73
1st TP 71
2nd TP 73
3rd TP 75

Trade chiuso: obiettivo raggiunto:

First part closed on 3$ profit mark @ 71.27
Otherwise, moving SL to BE.

Commento:

2nd TP reached on 73$, 1/3 closed.
Overall 2/3 of current trade is closed, expecting 75$.

Trade chiuso: obiettivo raggiunto:

75$ dollar target reached, trade now is fully closed.