Oil seems to be bearish right now, but I won't try to predict for how long. I believe oil will be bearish within the resistancelines shown in the chart.
Update: Seems like one of the resistnacelines i drew were irrelevant so I removed that one. I added one resistanceline that seem to form a more relevant channel.
Comments
thiagonobre1
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I agree and have opened a short position yesterday at around $64,85; but the market today is killing me... maybe just a short-term/intraday retracement...
Do you have a position open?
johhoh104
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I went in at a similar level a month ago and have been locked in that investment, patiently waiting for a significant drop So no, my position is not open. If my idea, now edited, is correct a drop most come tomorrow. Otherwise the idea is invalidated. Good luck.
Do you have a position open?