CRUDE OIL - Direction

FX:USOIL   CFDs on Crude Oil (WTI)
Once again we are looking at USOIL             on a Daily chart with a potential shorting opportunity. I'm loving the look of this, you can see we have tested a major turning point in the market which has provided us with our future price direction.

We can clearly see that whenever price gets relatively close to our 200 EMA it changes direction very quickly, I can see price going short all the way down to our trendline and meeting our indicator in the same area.
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Bull flag.
It's still too early to short oil.
Can you explain your short strategy a little more detail? I just dont see it, i fell like we are in a STONG bull market in oil now. So much going on internationally with strikes, defaults, sabotage. Shorting this market seems very risky?!?!
+1 Reply
Yes I agree. We are currently sitting on a major daily resistance level, a close above this would invalidate the trade. I can see a pullback into structure then continuing the upwards trend, I'll be looking for additional analysis on the shorter time frames. I hope you have a good week!
Hi just want to say, thanks for coming over and viewing my chart. Of course, I'm new on trading view it's good to see similar ideas and slightly different but agreed reasoning. If there's a bullish breakout, I'll be targeting 47.20 first. This will unfortunately be balancing some short positions. So let's see how this plays out. I can't see with all the fundementals supporting oversupply, that it can hold these high prices it's very confusing! Good luck.
+1 Reply
LewisGlasgow CheeseManTrader
Hi mate don't mention it, I'm glad we could connect. Feel free to post any additional analysis on my ideas :) all the best!
Great view, Sir! Some technicals also show if has to correct... We are on an important support area right now, if broken, I agree this can be shorted at least to 200 MA
+1 Reply
LewisGlasgow captain_smollett
Thank you! Agreed, once this happens a simple shorting opportunity should come into in play.
+1 Reply

Looks like we have important support at 43 figures and important resistance on 43.57, just dancing within the range during almost 3 days... Not sure if they will do something today but I´d say it is more bullish as DXY is raising and Oil resists to fall.

However it goes, I´ll buy or sell the breakout
+1 Reply
LewisGlasgow captain_smollett
Great view, thanks for the additional analysis I will be keeping an eye on it!
You are always welcome! =)
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