I have been watching the slow up move for about 2 weeks (was long OIL
two weeks before). Major players are still on the selling side, even rumor of closing Hormuz Strait does not help the bull too much. Once the monthly candle closes, find an entry to short. Ideal entry will be in the range between 70.90-71.20, stop loss above 0.618 retracement
, target 1.272 around 200 daily SMA
, 64.80. The current chart pattern is very similar as mid of June, the winning ratio is not bad. But keep in mind that the long term trend is still BULLISH
without question, so take profit accordingly.