Oil - Extends Losses and Trend Reversal
Updated
Idea for Crude:
- Oil at 40 year resistance.
- Developed a Distributive UTAD pattern, which I shorted early.
- The nature of this move suggests a reversal of the bullish trend.
GLHF
- DPT
- Oil at 40 year resistance.
- Developed a Distributive UTAD pattern, which I shorted early.
- The nature of this move suggests a reversal of the bullish trend.
GLHF
- DPT
Note
Look how price respects the Gann channels.We had a 20% drop from the top, but price remains in upper quadrant of descending channel:
Must watch the switchback barrier which is gathering energy on the resistance (potentially bullish reversal) here, but it could just be a supply zone.
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