a daily price action after hour update - oil

NYMEX:MCL1!   Micro WTI Crude Oil Futures
Good evening and i hope you are well.

wti crude oil

This chart is obviously the hardest because big trading range for a long time where market is absolutely neutral and both sides have all the arguments for their case.

bull case: Strong enough rally to 78 and they want to print 80 for a higher high. They will probably give up below 75.5 and try again around 70. Again.

bear case: Bears did what they had to and kept it under last weeks high to form a lower high. They now need follow through below 75.5 to make a lower low and that’s where the stop for most bulls is and another short signal for the bears.

short term: down - invalid above 79.3

medium-long term: sideways until clear break of range between 70-80

trade of the day: shorting the double top with yesterdays high 78.47 and adding on to shorts on pullbacks. 15m 20ema was money today


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