Too slippery to fall

FX:USOIL   CFDs on Crude Oil (WTI)
Pretty clear by now, Western Texas Intermediate (WTI) have been developing a megaphone-like consolidation since January, 2015.
The new lows made just a week ago is positively diverged, without having new lows on RSI which is a big buy signal.

Open: 46.61
S/L: 45.20
T/P: 54.11/ 58.77

Dollar analysis:

In my opinion, the Baker Hughes             Rig count is nothing more than a distraction of what the market intends to do. I'm bullish in oil             in the short term and long term. It does not matter if the rig count decline in speed/velocity or not, the market will always have their excuse of why its going up after; when technicals have long confirmed that.

Short trade waiting... close to the top of the megaphone now
+1 Reply

Watch this level... I might take profit fully if it fails.
+1 Reply
jangseohee LastBattle
you are right
i thought i see another wedge
I think (fingers crossed!) oil can run a little farther...

apologize in advance for outside link spam:

+1 Reply
LastBattle SPYderCrusher

Shorting 54 for the past 3 months have been SUPER easy for traders on the past few months.
With a relatively good fundamental reason, I'm guessing that a short squeeze might take us up 54 this time.

I think 58 is possible depending on what happen on US market opening tomorrow.
+2 Reply
Good to take a bit of profit here, near resistance of 54...
+1 Reply
shoot I mean to send this earlier.....but yeah:

+2 Reply
LastBattle SPYderCrusher
yep :) nailed it
First take profit target is almost there.
+1 Reply

4 hour:

Daily capped at max 77:
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