#USOIL: SHORT the top and reach the bottom

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Short

Crude Oil (WTI) (FX:USOIL)

FX:USOIL Crude Oil (WTI)

usoil forex

Opportunity of SHORT on top with momentum.
Will see what it brings.

Cheers,
MT

Oil is going to make a major move very soon, however, it is extremely challenging to place a probability based on technicals right now - too much contradiction in possibilities. At this point, a close above $55 or below $50 is the green light for direction.

Lanmar

Why is it so ”challenging”?

http://4.bp.blogspot.com/-Uifp3pFveOw/VSKyGJ0URpI/AAAAAAAAA-0/3ZcFahZkWzI/s1600/OILWTI_4aprilie2015.png

AristotelCostel

Ok I see better now, thanks for your valuable input !

MisterTrader

I will remind myself to keep an eye on Weekly chart as well. I stopped doing that since my screen is not big enought to show 2 graphs :)

MisterTrader

My SL should be far enough to absorb the potential bullish wave to the weekly high

I think it won't fall that far ( short-term ), crude oil is now being squezed in a bullish triangle. A drop below that could become absolutely bearish, and a rise above it again bullish. I can also see that the pattern is being repeated.

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