Oil likes channels. I belive it will at least go down to visit support around 49,40 and bottom line of the channel. If broken it will slide to 48,40-48,50.
I will not short it now. If it goes to the top of the channel and it is rejected from 50.40-50,50 I will enter short.
When publishing last EURUSD post I didn't saw that the support line broken is from 2001! On monthly chart we also had tripple bottom and then long EUR run.
This time if EUR doesn't pull back above the support line the drop could be significant.
This is just an IDEA do not trade based on it!!! Trade based on your ...
Last few times a correction came MA100 was triggered oh hourly chart. Lets see if MA 50 will stop it or we will go to MA 100, even MA 200?
I will not sell my short at MA 50 - 75% position TP1 MA 100, 25% position TP2 MA 200.
I have shorted with DGAZ when NGAS was around 3.257