david.cummins.581
Short

Oil running out of steam.

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
518 6 7
We have a very bearish shooting star on the previous candle session which is then followed by a large bearish engulfing candle creating an evening star. We also have a close below our shorter term trend line. Our two moving averages are also about to bearishly cross over. We can predict this will be the case on the daily chart as they have already crossed over on the 4hr chart. Our ADX is also showing that the bullish trend is running out of steam and a correction is on the cards. I would set my first price target at $55 and second target at $47. Stop will be set at above the shooting star at 62.57. Overall this is a highly probable trade with great R&R.
patrickestarian
2 years ago
+
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fensydyl
2 years ago
Cool, $55 is possible but there's a very little chance we see $47 ..
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david.cummins.581 fensydyl
2 years ago
Yeah i agree its a lot less likely as there is that resistance level there. I'd lighten up on my shorts if the move starts to stall. Will just have to wait and see!
+1 Reply
Justiceisfalse
2 years ago
Love it. I have a very similar view. 54 and 47 for targets
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tt123
2 years ago
Nice pull back
Reply
david.cummins.581 tt123
2 years ago
It didn't?
Reply
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