JigneshDavda

Oil Breaks up Channel

Short
FX:USOIL   CFDs on Crude Oil (WTI)
I sent out a bullish chart on Oil on Friday, as the instrument went back to retest highs.

As per the chart, it did not confirm the bullish break by taking out the 46.04 level, for the ABC up.

We have however, taken out the lows, and broken the up channel . This is a strong short setup.

It remains to be seen if we retest the upper channel line of the new down channel , currently we are retesting the broken channel. So I will be looking for reversal candles to enter a short position, but allowing the instrument some time (at least into NY) to see if it can retrace further higher to get a better entry.
Trade active: We have posted a 1H bearish engulfing candle. I have entered the short, with stops above 44. If the instrument does a bullish turn and stops me out, I will look to re enter from higher.

Comments

4H showing a nice bearish candle. If it does get taken out, can look to re enter higher.
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Rayge JigneshDavda
how do you think
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Some pretty clear resistance, until or if it breaches, it's hard to say if it will in fact breakout.
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Rayge JigneshDavda
in detail, oil is likely to break out, we will see a clear direction this week
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Rayge Rayge
$50 could be a main resistance, and its also 20ma in monthly chart
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usoil may up higher...
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Certainly a possibility, we tend to turn closer to the US Equity open
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Rayge JigneshDavda


but retest 42 and then up higher also could be
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I agree that in the longer term it is likely still bullish, where we bounce from remains to be seen. Personally I like the 40 area where you have your red MA
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Rayge JigneshDavda


see usoil/usdcad, usoil seems to up again recently
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