EvanJones
Short

Rising wedge indicates breakout to the lower side

FX:USOIL   Crude Oil (WTI)
174 0 3
Oil             recently published a stockpile of over 10Mil barrels in the past week adding to the current supply glut.

Interestingly, despite price increasing for the oversupplied black gold             a rising wedge has formed and would indicate a break to the lower lows is on. I also have divergence on the RSI giving me confluence that price is about to retrace.

I'm placing sell stops below the 33.4 mark with a target of 29 or potentially the 26 mark. I believe this may be oils last leg down before bottoming out.

For more information please visit my website to sign up to it's release at: http://www.ejfxtrading.com
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