What's the next step for OIL? Short or Long?
As we've seen in our previous post, we succeeded to expect what will happen and we successfully had reached our target of 35$.
What we see now is a deep correction for WTI, we have broken 37$, 36$, 35$, and it went to attack 34.4$ without mercy. We are in a bearish channel, but as you see, there's a double-top there (which can be triple-top) that can be used to make nice profits from being short after breaking the neckline which is 35.2, then wait for the confirmation to target 34.4$.
34.4$ which is very important resistance, if a H4 candle closed below it, then wait for the confirmation on M30 chart to target 33.72$, then 33.25$ (if it continued), then as a last step 32.8 which is 23.6% of the fibo of the Bullish wave that started from 6.5$ till 40.47$. After it, we will see what can happen next.
If the H4 candle couldn't close below 34.4$, when we can see there a double-bottom and then use it to go to test 36.10$ then 37$ to see whether we can attack the end of the gap again or not.
Don't forget to tell me how you see it in the comments!
Chiao!
What we see now is a deep correction for WTI, we have broken 37$, 36$, 35$, and it went to attack 34.4$ without mercy. We are in a bearish channel, but as you see, there's a double-top there (which can be triple-top) that can be used to make nice profits from being short after breaking the neckline which is 35.2, then wait for the confirmation to target 34.4$.
34.4$ which is very important resistance, if a H4 candle closed below it, then wait for the confirmation on M30 chart to target 33.72$, then 33.25$ (if it continued), then as a last step 32.8 which is 23.6% of the fibo of the Bullish wave that started from 6.5$ till 40.47$. After it, we will see what can happen next.
If the H4 candle couldn't close below 34.4$, when we can see there a double-bottom and then use it to go to test 36.10$ then 37$ to see whether we can attack the end of the gap again or not.
Don't forget to tell me how you see it in the comments!
Chiao!
Trade closed: target reached:
37$, congrats!