zhipengcfel

US Oil: Watch for the resistance zone at 49.2~50.1

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
5 months ago
USOIL             topped at 51.67 at June 9th.
Oil mid-term top detected
Then it retraced to 45.83 after one week correction.
Targets for USOIL correction
It formed a bullish engulfing pattern last Friday. I will watch carefully the resistance zone at 49.2~50.1 this week. If it breaks this zone, it means the bull is back again and oil             will head for higher. Otherwise it will continue the correction to TP2 (see chart above).

No confirmation, no trading!
Good luck for everyone!
5 months ago
Comment: It seems that oil was rejected back from the resistance zone. I will watch carefully and prepare to short again.
5 months ago
Comment: It will form a bat pattern very likely.
snapshot
5 months ago
Comment: Oil is choppy too much. It is better to wait until the direction is clear.
5 months ago
Comment: Watch out the rising channel support. Pay attention to whether oil will break it.
5 months ago
Comment: Nice down! Break out of the rising channel. Pay attention to the TP1 zone!
AMBRISH
5 months ago
I will wait for confirmation. Thanks.
+1 Reply
zhipengcfel AMBRISH
5 months ago
You are welcome. Price action will confirm where it will go next.
Reply
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