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UnknownUnicorn1043646

Oil - Extends Losses and Trend Reversal

Short
Light Crude Oil Futures (NYMEX:CL1!)  
UnknownUnicorn1043646 Updated   
NYMEX:CL1!   Light Crude Oil Futures
Gann Fundamental Analysis Trend Analysis Crude Oil Futures WTI (CL1!) cl_f futures Oil Crude Oil WTI Crude Oil crude
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gann fundamental trendanalysis cl1! cl_f futures oil usoil crudeoil crude
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:

snapshot

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

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UnknownUnicorn1043646
Wyckoff Distribution - USO US Oil (S3)
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