WTI: November 2020
Hi Guys,
November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party.
Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month.
SMA points down but still well above latest candlestick.
Sentiment testing its medium point of equilibrium in conjunction with price testing violet horizontal line which represents previous level of support now became resistence.
I'd look for a contact with descending bearish pressure represented by SMA and red trendlines. However NOT now. Maybe in January or February next year.
It also depends on how it unfolds the pattern in the circle which will mainly depend on OPEC+ decisions.
Let's wait for the outcome of OPEC+ meeting.
Please share your views and comments below.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party.
Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month.
SMA points down but still well above latest candlestick.
Sentiment testing its medium point of equilibrium in conjunction with price testing violet horizontal line which represents previous level of support now became resistence.
I'd look for a contact with descending bearish pressure represented by SMA and red trendlines. However NOT now. Maybe in January or February next year.
It also depends on how it unfolds the pattern in the circle which will mainly depend on OPEC+ decisions.
Let's wait for the outcome of OPEC+ meeting.
Please share your views and comments below.
Thank you for your support and for sharing your ideas.
Cozzamara
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
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