Trend down but we can make money on correction minimum until 50% fibonacci level
Short term (day trading) Short with STOP LOSE
Oil it has formed a head and shoulders pattern and signs of fading momentum . It has broke the lower zone to the top zone and has come back to the lower zone. The market is shifting sideways at the moment and I will only look at the this if it break the neckline for a possible long term trade.
After yesterday fall cl1! make correction. I think for oil just one way its down
Possible Butterfly pattern spotted at UKOIL also known as Brent. Same pattern is spotted on WTI Light Crude but I prefer trading Brent in this occasion. Currently, shorts are good to join on any correction to the top. SL: 51.60, TP1: 48.40, TP2: 47.10 Longs: entry point: 47.10, SL: 45.60. TP: 52.85 Shorts again: 52.85, SL: 54 . TP1: 49.90, TP2: 48.07
Oil going in down channel. Soon we will see new low (35) now we need working with fibonacci but it is easier to open SHORT position and do not touch antil 35