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EmpowerTrader
Oct 3, 2018 11:42 PM

USDOIL Heading to Key Resistance, Wait for Short Entry Short

Crude Oil (WTI)FXCM

Description

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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