francisc11219

WTI Oil topped and retraced from support, should short

Short
OANDA:WTICOUSD   West Texas Oil
TVC:USOIL Shorting oil with take-profit target of 50.348 and a stop loss of 52.938. According to the daily chart , oil topped and retraced from R1 resistance in classical pivot points , it hasn't been able to close above this resistance and a major candlestick suggests that, for the short term, oil won't surpass R1. MACD is algo turning bearish , its histogram is approaching to negative value and according to CCI , it's in oversold levels. The price also topped support made by Donchian channels , giving another reason for shorting oil . In the long term, OIl should increase, since Saudi Arabia, other OPEC nations and Russia already started to cut production since the start of the year, so expect this reversal to happen only for the short term

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