First thing first, while I monitor the commodities market, I mainly trade the currencies market only. So this analysis is done for some of our traders who trade this commodity :)
Purely based on technical wave analysis -
1) I'm seeing a potential WXY structure forming on the H4 timeframe. Price is showing more upside potential towards 48.87. Short term might still present opportunity to buy the crude oil up towards 48.87.
2) On the daily timeframe, I'm seeing a 5th bearish sequence down, thus giving us an incomplete cycle. Price has the potential to move lower towards the 40 region.
Possibly trade plan: Look for long opportunity up to 48.80 region, then look for short targeting 40 region.
**Again, this is just a trade idea. Always have a trade plan before taking any trade.
Purely based on technical wave analysis -
1) I'm seeing a potential WXY structure forming on the H4 timeframe. Price is showing more upside potential towards 48.87. Short term might still present opportunity to buy the crude oil up towards 48.87.
2) On the daily timeframe, I'm seeing a 5th bearish sequence down, thus giving us an incomplete cycle. Price has the potential to move lower towards the 40 region.
Possibly trade plan: Look for long opportunity up to 48.80 region, then look for short targeting 40 region.
**Again, this is just a trade idea. Always have a trade plan before taking any trade.