anyoption
Short

Crude Oil – Continue Downwards?

NYMEX:CL1!   Light Crude Oil Futures
173 0 6
The daily trend according to the daily time frame is Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms: T1-B1-T2-B2
The downtrend is confirmed by the bearish cross of MA10 below MA20.
Prices are trading below the resistance level at 49.90 the 61.8% Fib (resistance 1) and above the 76.4% Fib level at 46.90 (support 1).
Therefore, we will recommend SHORT POSITIONS for the no position holders on Crude Oil             . Take profit at 45.00 (take profit 1) and at 42.60 (take profit 2). Stop loss should be a bit above the resistance level-R1, thus the stop loss is at 51.00.
For LONG positions, we will recommend to go long in case of a trend-line break (trend reversal).
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