Oil destroyed my previous trading ideas, but now it has bounced from daily support both bottom blue lines, Now price is at 4h resistance green line, if it's broken then wait for retest and open buy if back doen then safe place t open buy is daily resistance level.
This is just a rough idea of what i think the market is doing. If you take a look at the chart i posted yesterday after the double top, you will see that market did retrace back to the suggested area before going back down again. I think trend is going to change soon, when exactly is what we're all waiting for. Enter and exit at your own risk.
Oil has hit a resistance at 63.77 but there's no certainity that we have a trend reversal just yet but i do believe we have very good shorting opportunities as i am short biased hence i won't be recommending any buy for now. You can short and TP at any point identified on the chart.
My labelled zones are only a rough idea of where i think the market may touch....
WTI Oil is currently on a major supported and the price has been respecting the uptrend line.
It is forecasted to breakout to the downside according to the technical analysis as the bulls are running out of steam in addition to the major resistance handle.
However, if the price breaks through the 52.50 handle, another setup will be posted.
Idea: WTI short to the next 4hr support area with possible further selling. Looking for downside to 53.52
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade...