In my last analysis (see below) I was long and exited in the low 42s. I am getting bearish as this level continues having difficulty. Difficult to say if the trend line drawn is very relevant for the structure, but the horizontal resistance is well defined.
Comment:
Oil is NOT a short until the blue region is broken. This means the key level is around 40.50.
Comment:
I'm in - stop above high of candle with arrow
Trade closed: stop reached
Trade active:
Went short again at 40.90 - Stop at 42. This is my last attempt
Comment:
Working this time... Targeting green box first but exit will be trailed - tightening stops as it goes.
Comment:
At my target zone now. Stops adjusted will keep riding if it goes but I think it'll be bought up a bit here
Trade closed: target reached:
Trailing stop triggered at target zone.
Comment:
Huge bounce off my target. Know your levels!!