In looking at the recent weeks data and the way the price of Oil
has reacted to the 15 EMA
I am very very
interested in a short, potentially from tomorrows open. I may have a look at the price in the early European session to see if it pushes up to even touch the EMA
- just to get the best price. But I would predict a strong decline tomorrow based on the fundamentals of the large rig count increase and the constant fear of the global glut. Today was clearly that bullish
day bringing us closer to that EMA
, and the slightly positive data I think the overall trade idea should continue to trade this lower and see what the price eventually does around the 38.20% fib. Even possibly the 50%.
Good luck trading out there.