A nice short opportunity off candlestick weakness, in a resistance zone, 200 major moving average resistance, and a very good Fibonacci retracement level off the long term resistance level. The ceiling is reliable, and good for a short.
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Regards Tom
Comments
AlbertCheng
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WTi rebounded sharply to 39.6 after touching 38.3, forming a hamper. What is your view on oil price movement? Will it rise to test the 200 moving average again or break the rising trend line to fall further to 35/36? Or it is going to sideway, ups and downs, pattern?
Thank you for your advice in advance
smitheric1970
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39.44 and 40.45 are strong weekly inflection prices based on previous weekly closes. I believe further resolution is required between 40.45 and 39.44; resolution likely to occur after this weekly EIA report on Wednesday.. A weekly close below 39.44 should show further declines. I agree with Tom on revisiting the lows.
Thank you for your advice in advance