Rupesh
Short

NOW SHORT TIME

FX:USOIL   Crude Oil (WTI)
82 0 3
Oil             moved in a narrow range along with weak bearish tendencies. Trading above 48.05 is the only reason behind suggesting bullish scenario, supported by yesterday’s long lower shadow.
On the upside, coming above 48.90 will assist bulls.
Oil-June settlement- has stabilized above 48.50 where 88.6% exists, while ADX shows increase in bulls’ power although RSI resides near 70.00.
We will ignore the signals on RSI due to stability above 48.05 to witness upside move, targeting 50.00 and 50.89 respectively.
Support: :42.00- 48.65 – 48.05 – 47.00
Resistance: : 49.65 – 50.00 – 50.90

Trade active
Trade active: UPDATE ON WTI OIL>>>>>>>>>>
Oil inclined, touching 50.00 levels, which is a psychological resistance that will be followed by 50.90.
The bullishness remains favored based on moving averages and ADX, while overbought signs persist on RSI and could trace a bearish divergence.

Risk versus reward ratio is inappropriate; thus, we prefer to avoid trading oil today and we will close the previous longs at 50.00.

On the downside, coming below 48.05 will be bearish.

Support: : 48.90 – 48.05 – 47.40

Resistance: : 50.00 – 50.90 – 51.85
Direction: Bullish, but we will avoid trading.
Trade active:
snapshot
Trade active: UPDATE>>>>>>>>Oil traded within a narrow range since morning and we still don’t see any reliable signal to pinpoint the next big move. We remain neutral, but a break below 48.90 will be bearish signal. AS PER SHORT CALL EARLIER.
Oil attempted to incline, but it traded between 48.90 and 50.00 areas. Those levels will define the next move.
We will be neutral waiting for new signals since we see negative divergence, but moving averages become positive.
We need a confirmation on ADX, while coming below 48.90 will bring a re-test of 48.05.
Support: : 48.90 – 48.05 – 47.40
Resistance: : 50.00 – 50.90 – 51.85
Direction: Neutral but bearish below 48.90
Trade closed: stop reached
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