We have seen good amount of rise in Crude oil Recently. This up move is now Taking breather at important Resistance Confluence level of Fib 50%, Small KS Resistance, Along with Good Structure Resistance.
If this 47.09 is the Peak of this recent upmove then Close below Abnormal Candle's S/R would trigger the downside move towards 1.618 Extension of this recent upmove. This 1.618 also Co-incides as a small tight zone with previous small upswing.
So Take Sell position if we close below 45.54 and Breach the low of Candle that closes below 45.54 with Closing Stop Loss above 49 USD Targets 39.22-38.90 Zone Breach below this Zone will Confirm Long Term Sell Trend.
For Buyers you can Keep Closing Basis Stop of 45.54 Targeting 48.70-49 USD Initially
Happy Trading!!!!
If this 47.09 is the Peak of this recent upmove then Close below Abnormal Candle's S/R would trigger the downside move towards 1.618 Extension of this recent upmove. This 1.618 also Co-incides as a small tight zone with previous small upswing.
So Take Sell position if we close below 45.54 and Breach the low of Candle that closes below 45.54 with Closing Stop Loss above 49 USD Targets 39.22-38.90 Zone Breach below this Zone will Confirm Long Term Sell Trend.
For Buyers you can Keep Closing Basis Stop of 45.54 Targeting 48.70-49 USD Initially
Happy Trading!!!!
Comment:
H4 TF now in Sell Mode.