AftabAli
Short

Short Oil Futures

NYMEX:CL1!   Light Crude Oil Futures
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4
False breakout in price as RSI bearish divergence does not confirm higher highs.
Comment:
2W chart shows H&S reversal setup. Current price @ 200 SMA w/ potential for $78 handle based on Fib retrace. RSI rejecting price on Daily and Hourly time intervals. Long term price target of $26 handle, retesting 2016 lows.

Comments

i think its long area
Reply
@MRZF, Why? Volume is not supporting price action. Saudi and Russian oil production expected to increase significantly by Q4 2018.
+1 Reply
MRZF AftabAli
@AftabAli, even so , but it has break the down side trend and its now open til 80
Reply
@MRZF, Take a look at the 4HR chart, MACD cross over and another false breakout signaled by RSI. I'm confident this is the top.
+1 Reply
MRZF AftabAli
@AftabAli, now you can sell at 74
Reply
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