EmpowerTrader
Short

USDOIL Heading to Key Resistance, Wait for Short Entry

FX:USOIL   CFDs on Crude Oil (WTI)
Withe much a strong momentum, price is expected to test the topside of the bullish channel . This gives opportunity for a swing trade to the downside. The fundamentals also converge for a move to the downside, as US inventory recently topped new highs.

Trade Setups:

Scenario One ( Bearish Reversal): Price tests the topside of the bullish channel , where price rejects a bearish breakout.

Scenario Two ( Bullish Breakout): Price breaks key resistance level and manages to consolidate above 80.00.
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