Will Oil pierce thru this Resistance??

FX:UKOIL   CFDs on Crude Oil (Brent)
66 3 1
Check out the reaction at this Resistance to judge the strength in Oil            
Hi, nice chart... I was looking at #UKOIL from the opposite angle (i.e. double top at ~$54).

I'm still biased on the short side, going with the overall trend, but I also recognize the strong support that you highlighted.
Have a look at my chart and let me know your thoughts...


TRDVMA thiagonobre
Hi thiagonobre

Yes, I am biased on the short side as well. There are a few reasons for that.

1-If you look on my chart, the major down trend has not yet completed it's course. The Elliot wave 1-5 count is incomplete.
2-Currently the oil price is bordering another strong resistance at current price, which would be somewhat difficult to pierce.
3-The minor wave count from the very bottom to the current price seems to be a completing 1-5 pattern
4-Fibonacci is exactly at 0.382 (drawn from 54$) increasing the odds for a pull back

Check out the larger picture here as well. Regards and good trades.

Thanks for the comments! I have opened my short position earlier this week @ $49 and have set a SL @ 50,50.

Let's see how this one goes...

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