[Click on the picture to watch Murray analyse WTI Crude Oil. You will learn how to spot opportunities using Murray’s unique trading model.]
WTI Crude Oil is set up perfectly for more weakness ahead. It is not often you see a set up like this where the weekly and monthly charts have lined up around a very important long-term Point of Control. It takes a long time for the picture to unfold, but once the set-up is complete, the opportunity may not last long.
There is now a clear line in the sand where we know very quickly if we are wrong, and that is the most important thing to understand as a trader. If prices close on a weekly basis above $61.00 I am happy to accept that prices are no longer pointing down, but until then I will remain on a bearish footing for oil.
There are plenty of dominos lined up beneath the market, so if a sell-off does occur from here, there is the potential for it to cascade into a much sharper sell-off than many expect.
I show you in this video how you could approach the opportunity, but as always, this is just a case study for us to follow over the coming weeks and months, rather than direct financial advice.
Editor, Alpha Wave Trader
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