OIL structure play with some potential patterns

FX:USOIL   CFDs on Crude Oil (WTI)
98 4
So, fellas, the blue rectangle represents a pretty strong resistance for todays price action. The level has been tested quite lot and we have a lack of price momentum right in that exact area. Further price decline will form a gartley pattern since the .618 level is around that resistance level I was talking about. Shorting now is an option. I would personally give it a shot. Trail stop order for some pips. However if we break the level and test it again with a bounce off it as a support level that would be a long signal and possibly the end of the downtrend since we just completed the monthly bat pattern that was standing just @ 42.00. We also have the green bat pattern which would catch the retracement of the eventual break of this key structure resulting in a test of it.

Thats all, folks.
I went short also :)
FeelsFX ElPatron.Y
it looks good indeed
I'm Racks btw, changed my nickname lol..
+1 Reply
Respect dude!
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