WTI Price Opens The Week With a Huge Gap Up
The 5%ers' Blog > Trading Analysis
WTI Reaches a New 4 Month High After Saudi Arabia Oil Field Attacks.
WTI price opens this trading week with a huge gap up.
The price ended last week at 55.00 zones and open this week at 60.00.
The highest level the price reach since the market opened is 63.00 zones which is a new high record for the past 4 months.
The reason for this Gap up is the brutal attack on Saudi Arabia oil fields.
From the technical analysis perspective, the Gap up creates a fresh demand.
This demand is a great level to buy WTI and join the bullish momentum.
It seems there are many unfilled orders waiting for the price to come back to this level.
I’ll buy WTI at this demand and the first target will be 65.00 zones.
The final target for this buy position will be 73.00 zones.
BTW – if the price will break out the demand below it indicates the price on its way to reaching 45.00 zones.
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