WTI retesting structure highs

22 September 2021 | Updated: 22 September 2021

Key Resistance: 71.90
Key Support: 71.25 / 70.00

WTI has been in a bearish move for the past week and is now retesting these structure highs. From the highs on September 15th to the lows on the 21st crude dropped -5.11%, and since yesterday’s lows price has surged 3.60%; this is a 61.8% pullback to the previous broken base.

We also have a fib cluster with that 61.8% in confluence with the 1.13% pullback of yesterday’s range and the weekly pivot.

We can also see massive bearish divergence with the September 21st highs.

All this indicates a possible reversal on the breakout of the reversal pattern created at the top of the move.

My trade idea is to enter on this breakout and targeting the ADR lows.

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