Technician
Short

Oil: Bearish Resumption Trade!

FX:USOIL   Crude Oil (WTI)
3194 19 41
*Update: First half was closed at first target, moved stop to breakeven, second half was closed at breakeven...

NYMEX Crude Oil             is retesting a key near term area:

-Main falling trend line for bearish trend
-127.1 Fibonacci extension for the latest bearish wave
-the 50-days Simple moving average
-Horizontal resistance which rejected price previously.
-Potential pin bar at this resistance area .

We will probably see a price attempt to resume the overall bearish trend . Nothing is certain so keep stops tight :)

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Good luck, keep your stops tight..
My best regards
Technician
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Hello! Is it time to sell crude oil?
Reply
Technician TOP GumerShafigulin
This trade was earlier
-1 Reply
I see. Do you have any idea will the light sweet crude oil go up or down next days?
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Technician TOP GumerShafigulin
This is my latest post on crude today
WTI Oil Short Term Forecast: Breakout...But Not Yet!
.. Sideways bias is likely unless we break the mentioned levels
-1 Reply
Thank you!
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This trade compensated many losers
-1 Reply
Good work Sir. !
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good call !!!! it look like target2 will be touched soon.
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Good call. Dou you see oil going below 43.53? I believe 43-44 was a multi year old support line. Do you think that support will be broken, and if so, where is your downside target? Thanks in advance.
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I live in Singapore. How should one invest in Oil Market. I have strong conviction Oil Market will climb soon in near future. Any inputs appreciated
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