Oil is consolidating in a nice range, with clear levels to play from.
High Risk Reward Crude Oil Short Opportunity
Hello again friends! Today we see that price crossing into a potential reversal area where we see many things have been lining up. First and foremost, notice this steady uptrend. Price has come down in the form of a complex pullback. A fibonacci inversion was taken from the center of this pullback and price has just hit the all-important 1.618...
CRUDE OIL TESTING RESITANCE LINE. SOON 2 B SHORT
Short Term 45.50 Long Term 41.20
Yesterday, as expected, breakout was bring the price near 46$ and then his weakness bring the price short. Now I can see a really bearish pattern: the M bearish. The confirmation of this pattern must be searched at this support breakouts: River and Moving Average 50 - 44.80/44.60 Support Moving Average 144 - 43.50 Support Moving Average 288 - 42 Now this supports...
45.30 is MA50, this level is important because breakout can bring the price near 46$. We must keep in minf 44.90 is the support, breakout of the support could be rail at 41.90. Good trading.
Buy position aim $49 in the next week
Now we are at resistence test of daily time frame, the bottom of the river could be resistence. and reasonable target could be 41.90 if break the support at 44.60. Anyway breakout of 45.50 could be rail long very strong at 47$. So pay attention.
The last covering was failed so I have tried to cover at 43.20 The recovery of trend to be long must break 44.70 area. If this not happen I increase my short position.
So, now the cover for short position can be tried on mm30 at 44.34 and 42.43 as the crossing of mm144 and mm288.
Yesterday I was looking for 123 low confirmation. So.. now I'm short from 47.30 and long from 46.50. The last support for this long il 46.40 under this price could be rail short... but for long rail the first resistence is 47$ breakout could be the next target at 47.30, then 47.60 and 48 and the last 48.38. The price 48.38 is in touch with the trendline. Have fun...