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

NYMEX:CL1!   Light Crude Oil Futures
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!
Comment: It seems that oil was rejected back from the resistance zone. I will watch carefully and prepare to short again.
Comment: It will form a bat pattern very likely.
Comment: Oil is choppy too much. It is better to wait until the direction is clear.
Comment: Watch out the rising channel support. Pay attention to whether oil will break it.
Comment: Nice down! Break out of the rising channel. Pay attention to the TP1 zone!
I will wait for confirmation. Thanks.
+1 Reply
You are welcome. Price action will confirm where it will go next.
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