Oil running out of steam.

NYMEX:CL1!   Light Crude Oil Futures
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.
Nice pull back
It didn't?
Love it. I have a very similar view. 54 and 47 for targets
Cool, $55 is possible but there's a very little chance we see $47 ..
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
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