DarkPoolTrading

Oil - Extends Losses and Trend Reversal

Short
NYMEX:CL1!   Light Crude Oil Futures
Idea for Crude:
- Oil at 40 year resistance.
- Developed a Distributive UTAD pattern, which I shorted early.
- The nature of this move suggests a reversal of the bullish trend .

GLHF
- DPT
Comment: Look how price respects the Gann channels.

We had a 20% drop from the top, but price remains in upper quadrant of descending channel:


Must watch the switchback barrier which is gathering energy on the resistance (potentially bullish reversal) here, but it could just be a supply zone.