WTi 4hr Sell Setup – 05th Jan 2017

Technical Analsyis

WTi Pivot

Price had strong breach of the 4hr bullish trendline beginning of the week. Since then, price action has been consolidating and currently trading at WS1. I'd like to wait for the price retrace back to WM3 and the retest of the trendline before going short.

WTi Fib

On a different viewpoint, WM3 happen to be in 54 psych and 61.8% Fib confluence level. This would be my ideal entry zone with first profit target at 52.5 mid point psych level and Second target at 51 psych level.

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