Short USoil I Cup Handle reversal/wedge

Bad Consumer confidence numbers today.

I shorted at 40.8 and took day trade profits here with the break of the neckline at 40.2. It looks very toppy here though (as do stock indexes) and things may sell of a lot to the lower line of the wedge at least. Stop at high of cup and handle.

Comment:

Cup and handle invalidated but nonetheless we are still in a rising wedge so shorts may still be valid. Easy to get burnt though with a whipsaw. Best to only sell at overbought levels with downside confirmation

Trade closed manually:

Ive closed out the remainder of my short ahead of the weekend break as hourly moving averages are too bullish and selling hasn't followed through enough. 3/4 profit from the day trade, 1/4 loss