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DLavrov
Dec 23, 2019 12:11 PM

Crude Oil: Pullback in The Bullish Trend 

U.S. DOLLAR / WTI CRUDE OILICE

Description

The price is going to bounce from 61.00 resistance zone. We have a reversal candlestick pattern. RSI confirms the price reversal. MACD supports a possible downward movement. In spite of bullish DMI, we don't have confirmation that buyers are strong now. If so, the market can correct the previous upward movement, and it will give us a sell opportunity.

We have the uptrend, and the correction will be logical in this bullish structure.

It will be better to search for entry levels for sell trades using not only the daily chart but also the lower timeframes. It will give us less stop size and better risk-reward ratio.
Comments
Boon2
Nice I agree, in short at BE on fri. bear flag and looking to add.
DLavrov
@Boon2, very nice! Thanks for sharing your chart!
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