JigneshDavda
Short

Oil Breaks up Channel

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


but retest 42 and then up higher also could be
Reply
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
Reply
Rayge JigneshDavda


see usoil/usdcad, usoil seems to up again recently
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out