MisterTrader

#USOIL: SHORT the top and reach the bottom

Short
FX:USOIL   CFDs on Crude Oil (WTI)
115 views
4
Opportunity of SHORT on top with momentum.
Will see what it brings.

Cheers,
MT

Comments

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.
Reply
MisterTrader AristotelCostel
Ok I see better now, thanks for your valuable input !
+1 Reply
MisterTrader 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 :)
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MisterTrader MisterTrader
My SL should be far enough to absorb the potential bullish wave to the weekly high
+1 Reply
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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