Hi Traders. In the previous few analysis on Oil, i've been calling some short opportunities around 122, 119, 116, and 109.50.
If you took advantage of these selling opportunities i believe you're in a great position.
The thesis behind this short-term sell setups, was the amount of exhaustion i noticed previously, the multiple failures around 122-123 acted as the trigger if this Ascending wedge pattern + rollover.
As price just respected another continuation pattern around 109.50, really wouldn't be surprise to see further selling pressure in the market.
To complete this formation, the usual target will be around the key support (93-95). Let's see if the selling pressure resumes.
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All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.