Similar to Gold and Copper, monthly pivot points indicate that we are going to see a move lower in WTI as we head into the new year though we do note that the market is not currently bearish. Now that I have had a closer look at commodities I can move onto the commodity currencies and see if monthly pivot points and general price action give any indication on possible weakness and if the Yen and Chf pairs are giving any indication for safe haven strength.

WTI Daily

Price is going to open at MM3 with a bearish target of MM1 though price has made a higher high so WTI is not bearish and Bulls are paying attention to MPP and MM2. The daily stoch is overbought though has not crossed down into the trade zone.


MM3 is also WM3 and the bearish target for the week of WM1 is a few points above MM2, that support is worth paying attention to if you are a Bull. If you are a Bear then you are looking for setups on H1 or lower for a weekly swing. I have highlighted support at 60.00 for consistency though Bulls would need to be aware that buying at that price would be buying straight into resistance. Even if the 21 moves up to 60.00 and Bulls do buy there more conservative traders may consider waiting for a break above WM3/ MM3 confluence and a pullback before going long. A Bull could also consider looking for opportunities to buy lower at MPP or WM1 and MM2 confluence if price gets that low.

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