Technical Analysis &WTI/JPY : 2020-02-12

Indicator Signal

  • RSI Buy

  • MACD Buy

  • MA(200) Neutral

  • Parabolic SAR Buy

  • Bollinger Bands Neutral

Chart Analysis

On the daily timeframe, the WTI/JPY: D1 is in a wide neutral trend. Now it has once again bounced off its lower boundary and is correcting up. A number of technical analysis indicators formed buy signals. The bullish momentum may develop in case WTI/JPY rises above its last fractal high at 57.5. This level may serve as an entry point. The initial stop loss may be placed below the last fractal low, the lower boundary of the neutral range and the Parabolic signal at 53.5. After opening the pending order, we shall move the stop to the next fractal low following the Bollinger and Parabolic signals. Thus, we are changing the potential profit/loss to the breakeven point. More risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop level (53.5) without reaching the order (57.5), we recommend closing the position: the market sustains internal changes that were not taken into account.

Fundamental Analysis

In this review, we suggest considering the personal composite instrument (PCI) &WTI/JPY. It reflects the price dynamics of the portfolio of futures on WTI oil against the Japanese yen. Will the WTI/JPY rise?