ForceFollower
Short

CRUDE OIL WTI: In The Down Trend

FX:USOIL   Crude Oil (WTI)
177 0 4
Here are the key points of my chart analysis for CRUDE OIL             WTI:
- Trend. I find the trend down; the ongoing rally is corrective in nature. I expect price to move down to one of the support levels.
- Support. I find the key major support at the last major lows, which coincide with the 61.8% retracement (29). Minor support: first at the 23.6% retracement (32), next at 50% retracement, in line with the top of the bottoming bar (29.9).
- Resistance. The rising market has found resistance at parallel trendline. Price may find the next resistance at the multipivot support-resistance level of 34.3, and then at the next paralle trendline.
- Trading opportunites: entry at one of the resistance levels, with a stop-loss order above some prior high, looking to exit at one of the support levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of 23.02.2016, 16:00 CET):
The strongest currency: JPY (recently strengthening, relatively overbought, likely to weaken soon).
The weakest currency: GBP (recently not doing much, still relatively oversold)
The leading markets:
- XAUGBP - trending up;
- GBPJPY             - trending up;
- Natural Gas             - trending down;
- GBPCAD             - trending down (however, be cautious trading it - it may soon be looking for a long-term bottom in a long-term up trend)
- GBPAUD             - trending down (however, be cautious trading it - it may soon be looking for a long-term bottom in a long-term up trend)
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
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