Oil Breaks up Channel

FX:USOIL   Crude Oil (WTI)
240 11 5
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.
usoil may up higher...
Certainly a possibility, we tend to turn closer to the US Equity open
Rayge __SpecialFX__

but retest 42 and then up higher also could be
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
Rayge __SpecialFX__
usoil may up higher after consolidation

see usoil/usdcad, usoil seems to up again recently
I think we are seeing a divergence between USDCAD and Oil. Specifically, Oil was sitting near it's highs on Monday, while USDCAD was still up 500 pips from it's lows... If you look at the USDCAD & Oil correlations in the month of June, you may see how rare such a divergence is. I think Oil is looking to close the gap.
4H showing a nice bearish candle. If it does get taken out, can look to re enter higher.
Rayge __SpecialFX__
oil try to break out
how do you think
Some pretty clear resistance, until or if it breaches, it's hard to say if it will in fact breakout.
Rayge __SpecialFX__
usoil elliott
in detail, oil is likely to break out, we will see a clear direction this week
Rayge Rayge
$50 could be a main resistance, and its also 20ma in monthly chart
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