WTI (Crude Oil) missed to get a new higher high and it looks like it has entered a bearish channel with target at 54. We are waiting for it to develop, if it goes up to 58.50 it may be regaining a bullish movement.
Comment
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Crude Oil never made it past 58.5 so it confirmed for us the downtrend. We are now following short positions at 55 with an extension back to 54.20
Trade active
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We closed a short from 58.3 at 56.20. waiting for a rebound to 57.4 to re-short.
Comment
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Rebound was as expected. WTI is now making an interesting wedge so we will be following this move. If it goes up, we expect 59 as target, otherwise it can reach 54 or 52.5 in extension.
Trade closed manually
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We closed at 56.55 due t the reversal. waiting for new signal. We posted a new idea to follow up on this.