Crude Oil is coiling on a key horizontal resistance. The price formed a double top pattern, testing that and broke its neckline then. We may see a retracement ! Goals: 76.9 / 76.36
We have a strong bearish play here on Crude Oil. Price could not make it through the Pivot Point and S1. Daily structure is broken. We could see oil drop heavily from here.
1 hour chart showing weakness for bull run. On the 4 hour we are ranging. Looking for a strong red close below the 60.17 level. Ranging market right now. Let the buyers and sellers dictate the direction. Lets wait patiently for the decision based on the close of the 1 hour candle.
WE HAVE COMPLETED THE EXTENSION OF BC AT 1.272 (NEED MINIMUM 1.272) HERE TAKEN HIGH 53.33 AS A TOP BUT EXTENSION CAN GO TILL MAX 1.1618 (THIS IS APPROX 53.79) BASED ON CURRENT TOP D LEG SHOULD TERMINATE AROUND 50.50 (NOT GOING WITH PRECISE LOCATION) BUT JUST LOOKING TO TARGET 113% OF XC LEG HERE. TRADE IDEA:- SELL AT 53.30 (ACTIVE) ADD MORE AROUND 53.80 STOP...