sauravskumar
Short

#CRUDEOIL - POTENTIAL SHORT OPPORTUNITY COMING UP!

TVC:USOIL   CFDs on WTI Crude Oil
TVC:USOIL

Crude oil has again started to rally up again but since global market like DJI, SPY are showing signs of reduced bullishness / retrace, i am expecting the crude oil will also follow a similar pattern. We may see a move up to the top of the previous high which is $40.4 after which i will expect increased selling pressure.

Even if Crude oil is able to surpass the previous high, it should face resistance again from the high of the gap zone which is $41.5 region. There may be a short term short opportunity coming up in Crude oil . Anyhow, if we break and hold above $41.5 region then the short scenario would be negated and we may see another rally up in Crude Oil .

For the short term, i am expecting crude oil to go down or go sideways after which we will have to re-analyse the market scenario.

Daily RSI -
USOIL - 70 ( Bullish )

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Comments

I on this shot as well, targetting 36... i have seem so other ideas where they say it will go down around 37 then back up and then down to 34. Do you see this happening like that or going straight forward to the 35.
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sauravskumar LuisPrens
@LuisPrens, Markets are quite irrational right now. You cannot expect things to behave like they would do in a normal scenario. We have already tested $35.5 level and we can re-test / break it as this sell off may be start of a new bearish wave down. Let's see! (This may also be shakeout scenario. I would recommend not getting into longs unless it fits your risk appetite)
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