Oil is firmly in it's corrective phase following the rally we've seen since 11th Feb. This sell set up is a short term trade with a view to reverse the position for a longer term bull run higher.
To understand the context of this analysis (60 minute chart) please have a look at my previous Oil charts (daily charts) which have been linked below.
Short term bearish (1-2 weeks)
Long term bullish (6 months+)
To understand the context of this analysis (60 minute chart) please have a look at my previous Oil charts (daily charts) which have been linked below.
Short term bearish (1-2 weeks)
Long term bullish (6 months+)
Comment:
Correction - on the chart I say that any stops for short positions should be just over 40.80... this should be 41.80. Conservatively speaking short stops should be a few pips over 42.00
