UnknownUnicorn772665

US Oil Short Trade *SWING TRADE, Fibonacci Retracement*

Short
OANDA:WTICOUSD   West Texas Oil
In my opinion, US Oil is now due another bearish leg after the current consolidation period.

Price has now rejected the weekly 50ema and Fib 0.5 retracement area. It has also rejected the support/resistance zone at $60. 1hr bullish trendline and 1hr 50ema is now broken which has been a dynamic support for price in the recent weeks.

I am first targeting previous lows around $42 per barrel before holding for further downside if momentum is there.
Trade active
Trade closed: stop reached