zhipengcfel

USOIL NEXT STEP OUTLOOK and TRADE OPPORTUNITY (2016-06-25)

NYMEX:CLQ2016   LIGHT CRUDE OIL FUTURES (AUG 2016)
We experienced a choppy week in oil market. It rejects back from the resistance zone at Friday with close price much lower than the neck level.
It seems that a head and shoulder pattern was confirmed from daily chart . And a potential cypher and gartley pattern are forming. Target for this two harmonic pattern are extremely the same which forms a very strong potential reversal zone at 39.9~40.2.

Trading setup:
Open short at around 48.5~49 if it retests the neck level with SL at 49.8
TP1: 46.2
TP2: 44.7
TP3: 41.7
PRZ: 39.9~40.2

Break out of the rising channel will confirm the decline. I will add more positions when it confirmed.

As for time target of this correction you can refer to the analysis below.

Good luck for everyone!

Notes: I publish market outlooks for Oil , Gold , Silver , dxy , eurusd , etc. at weekend. Welcome to subscribe! And welcome to join the qq group 445211242 to discuss more.
Comment: Cool! Nice decline! TP1 touched.
Comment: Oil retraced from the decline channel and went back to the rising channel again. Watch for the resisatnce at 48.6~49!
Comment: Oil rejected back from the upper line of decline channel. Watch for the support at 47.9!
Comment: I will go long if it breaks out of the bearish channel!
Comment: Oil respects the channel very well. It rejects back from the decline channel.
Trade active: Opened new shorts when 45.9 was broken.
Comment: TP2 was hit again. It towards to the TP3. Just hold patiently.
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