Negative markets draw negative USOIL movements Entry point at 45.98 (low brakes of the last indecision candle (if it forms) SL at 46.75 TP at 44.50 - as first target - there is a probable bounce or hold in that area since the last Price Action
As posted earlier i think Crude is on a crucial junction here. A closeup look at the structure revealed a nice short set up. Price action at the Orange Excursion line we zoomed on friday will tell if it is just a scalp or something bigger. If we rebreak that line, the short could be kept open for a bigger downside move. If we bounce back up i will be looking for...
Overview: The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the...
USOIL just tried to breach the 0.786 retracement twice and failed, making a double top. MACD also converging, looks like now is the time for a reversal.
Short USOIL @ market for target of 46.20 , Stoploss @ 48.50
Pivot: 47.50 Most Likely Scenario: short positions below 47.50 with targets @ 45.55 & 44.50 in extension. Alternative scenario: above 47.50 look for further upside with 48.50 & 49.30 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Pivot: 48.72 Most Likely Scenario: short positions below 48.72 with targets @ 46.50 & 45.55 in extension. Alternative scenario: above 48.72 look for further upside with 49.30 & 50.00 as targets. Comment: the RSI is mixed with a bearish bias.
Pivot: 48.60 Most Likely Scenario: short positions below 48.60 with targets @ 47.50 & 47.10 in extension. Alternative scenario: above 48.60 look for further upside with 49.30 & 50.00 as targets. Comment: the RSI lacks upward momentum.
Pivot: 49.30 Most Likely Scenario: short positions below 49.30 with targets @ 48.00 & 47.50 in extension. Alternative scenario: above 49.30 look for further upside with 50.00 & 50.35 as targets. Comment: the RSI lacks upward momentum.
Pivot: 51.15 Most Likely Scenario: short positions below 51.15 with targets @ 49.80 & 49.40 in extension. Alternative scenario: above 51.15 look for further upside with 51.70 & 52.25 as targets. Comment: the RSI broke below a rising trend line. tradingsignalreviews.com
As all indicators show Oil for short just wait for this pin bar to close and confirm strong short position maybe targeted unsuspected low but be careful with ur stop up of 49.10 if the Meeting tomorrow positive maybe take the oil to new high record.
USOil is in a tight wedge and is giving indications of an imminent correction. A strong break of the 4 hr TL (Blue) and a bearish flag will indicate a shorting opportunity. I would wait for a similar indication below the first Daily trend line (Green). A safer trade for a longer ride down. A break of the second trend line and we could see a revisit to $30. That is...