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Chart of the Day: XTIUSD

If I look at WTI crude on the daily timeframe, I see a market where there’s a clear battle between the bulls and the bears. We’ve seen a series of higher lows through August, and this can be defined by the rising trend support. What’s more, after gapping some 14% on 16 September we’ve seen the sellers close this gap and the buyers have supported. And while we’ve seen a series of lower lows in the past few days, the wicks are becoming longer and showing the conviction from the bulls to support the 13 September high.

XTIUSD daily

It’s clear that should we see price close through USD $55, that’d be significant in the structure of the market and offer a higher probability of a move towards USD $50 and potentially USD $45. However, unless the fundamental backdrop dramatically shifts, it feels like moves into USD $50 should be a buying opportunity.

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