WTI: first monthly target reached, watching for reversal signsWest Texas OilOANDA:WTICOUSDAlexeyWolfHi traders and investors! This analysis is based on the Initiative Analysis concept (IA). Oil has reached the first monthly target at 61.818 (see related post). The level was touched by a daily candle on declining volume, which suggests the reversal may not come quickly. We need to see volume at least on the daily level to confidently talk about a reversal attempt. Let’s also watch how the week closes. On the 4-hour timeframe (H4), the interaction with the lower boundary of the sideways range came on high volume. The boundaries of this range are marked with black lines on the chart. If this volume is absorbed by buyers, the price is likely to rebound toward the 64.000 area, where the 50% level and a strong seller candle are located. By the way, the buyers’ target stands at 65.717. Wishing you profitable trades!