I hope you enjoyed your weekend and I wish all good trades for this upcoming week.
For this week, I am looking at a potential short-term trade to the downside in Oil. Oil broke the rising trendline last week to the downside and retested it nicely and fell back lower.
With lower lows and lower highs in progress. It should continue its weakness. Therefore, I am looking at a potential short trade for this week. The levels you can take out of the chart. Let's see whether it takes this path. I will keep you updated.
Cheers
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Trade got filled yesterday, lets see now.
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Oil need to stay below 65.82 to avoid another push higher. Let's see. Keep also in mind the OPEC meeting later this week!
Without the doubt, the primary trend/main one is Uptrend (9 months and above )and we have medium trend of DOWN.
It may go down to levels ushc as 63 or even 60, but I am expecting we shall we upward momentum soon.
Soon, get ready to take TP from your short (or) soon there shall be some bullish momentum to show up soon.
Please "like" and "Follow" Me for free & accurate analysis.
s0nic
TradeFxTrends
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@SonicDeejay, The bigger picture remains in favour of WTI no doubt about that, what I have presented is just a short-term setup to the downside as a part of a correction and I am aware of the bullishness of Oil. Once price moves a little lower I will move my stop to break even or even take some profit. Cheers
Colin9
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Very accurate your analysis... it did hit 65.40 levels from 64.38 before moving down again yesterday
TradeFxTrends
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@Colin9, Thank you. Now Oil need to stay below 65.82 to avoid another push higher. Let's see.
Without the doubt, the primary trend/main one is Uptrend (9 months and above )and we have medium trend of DOWN.
It may go down to levels ushc as 63 or even 60, but I am expecting we shall we upward momentum soon.
Soon, get ready to take TP from your short (or) soon there shall be some bullish momentum to show up soon.
Please "like" and "Follow" Me for free & accurate analysis.
s0nic