WTI Crude Oil: Shorting the Top of the Range

WTI: Playing the Sideways Action

Alright team, let's have a look at WTI, which is looking pretty interesting today. We're currently hanging around 72.2963, not far off the daily high of 72.6018. The overall trend for WTI has been pretty sideways lately, and we've seen it chop around within that 71.9909 to 72.6018 day range. It's only down a touch, -0.28%, so not a huge move, but those smaller shifts can still offer some decent intraday plays. Given the current price action and that resistance level at 72.6018, I'm eyeing a short setup. Charts don't lie, and right now, it's telling me to look for a rejection here.

The Setup: Targeting Lower Support

My analysis suggests that with the market struggling to break higher, especially near that 72.6018 resistance, we could see a move back towards lower support levels. There's been some underlying talk about global demand remaining a bit muted, which combined with the technical picture, gives me confidence in this short. My entry for this intraday trade is at 72.39. I'm placing my stop loss at 72.88 – just above that immediate resistance and giving it a bit of breathing room without taking on excessive risk.

Taking Profit & Managing Risk

For the take profit, I'm targeting 71.41. This level sits nicely below the 72.00 psychological support and the more significant 71.50 support, aligning with the idea of a decent retrace within the current range. Remember, even with a clear setup, nothing is guaranteed. We manage our risk, stick to