Market Analysis: Re-test of 60 USD ahead: will WTI make back more of its losses on Monday?

With the economic calendar appearing to be very thin on Monday, we want to exclusively focus on the technical side again, today focusing on WTI. WTI was closing in negative territory last Tuesday, and officially saw its 12th consecutive session of losses, its longest losing streak since WTI futures began trading in March 1983. With such a bearish sentiment, a pullback seemed imminent, and WTI started to make back at least some of its losses from Wednesday until Friday.

Source: Economic Events 19 November 2018 - Admiral Markets' Forex Calendar

That being said, from a risk-reward perspective, anti-cyclical long engagement still seems interesting. With a first sequence of higher highs and lows on an hourly chart, and since the Tuesday lows and the push above 57.20 USD on Friday, the mode on an hourly chart remains short-term bullish, as long as we trade above 55.50 USD, with an initial target around 59.00/59.50 USD. Nevertheless: to see a short-term push higher towards 64.00 USD (the June and August lows) WTI bulls need to sustainably re-conquer the region around 61.20 USD.

Source: Admiral Markets MT5 with MT5SE Add-on, Accessed: 16 November 2018, 11:00 PM CET

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