Technician

WTI Crude Oil at a Juncture

FX:USOIL   CFDs on Crude Oil (WTI)
Two Possible Trades:

  • Resistance continues to hold, short trade
    I will wait for a break below the low of the latest four-hour hanging man at 53.00 to initiate a short.
    A break below the rising trend line may confirm the short scenario.
  • Resistance breaks, long trade
    In this case we need at least a daily closing above that resistance. Minimum target for this scenario at 59.00

Scenarios and targets are illustrated on chart..
I will be updating with specific entry levels if materialized.. .

Good luck...
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Technician
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59 now. enter long position or should we hold?
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Great analisys. The question here is: when the downtrend is no more a downtrend? Since FX is a probability game, I stay with the trend and wait for a resistive candle to start selling WTI once again. Should it close above 56, then I could consider buying it.
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