martin7
Short

OIL on a false breakout to the upside in the daily timeframe

FX:USOIL   CFDs on Crude Oil (WTI)
96 2 3
Here we have the chanel where the price of Oil             is inmersed. We can clearly see that the there has been an amaizing strong bullish trend .

The red line is the last high oil             made on October 2015, which is a major weekly and daily resistance. Yesterday in the daily close it was broken to the upside, but today we saw a bearish engulfing candle which leads me to believe that it was a bull trap.

The chanel has been tested 5 times (4 blue circles and 1 red), now with the price rejected, I see Oil             testing the lower part of the chanel in the yellow circle.

I´m still working on the optimal entry, but at least I do expect the price to reach the yellow circle, or 47.70 level, If we break the trendline to the downside first target is 38.50.

Trade safe traders, regards! ;)
Comment: Stops already in profit.

Trade safe traders, regards! ;)
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