USOIL: OIL SHOULD GET SOME REST FROM THE TOP
Traders:
Oil has been pushed up because of news of the limit production result of OPEC conference.
Now we have several reasons that oil is making a top for these days and could drop down a little be for a retracment:
a. in the beautiful ascending channel, the last top make the end of wave 3.
b. wave 3 finished at ext FIBO1.414 of wave 1 which usually would be the end of last trend.
c. a clear RSI4h div appear.
d. a small ascending channel on the top has been broken.
e. usoil made the first small drop yesterday which is from 52.3-50.9
Now what?
Waiting for the retouching of the small ascending channel on the top and short trade in again.
Less is more!
Oil has been pushed up because of news of the limit production result of OPEC conference.
Now we have several reasons that oil is making a top for these days and could drop down a little be for a retracment:
a. in the beautiful ascending channel, the last top make the end of wave 3.
b. wave 3 finished at ext FIBO1.414 of wave 1 which usually would be the end of last trend.
c. a clear RSI4h div appear.
d. a small ascending channel on the top has been broken.
e. usoil made the first small drop yesterday which is from 52.3-50.9
Now what?
Waiting for the retouching of the small ascending channel on the top and short trade in again.
Less is more!
Trade closed: target reached
150 pips.