We had a 13 days crazy run again and we got a bearish engulf again. I think this time we will pull back to 0.382 again. Here is my reason:
1, we had a repeatable history before, we hit the low, and rise a bit and rally on OPEC meetings. Exactly the same game OPEC has on us. The last time to retrace to 0.382, this time we do. Also take a look at that price, this...
I think we now have a better chance to short oil!
It reversed on major resistance, crossed the trend line and the 50 EMA. You can sell the correction or the bearish flag. Or you can sell the failure of resistance retest. This is in my view the safest way to short Oil on this level.
So , price can test the daily resistance , if it bounce we can short that if it doesn't could buy that till the next zone Weekly Resistance , where bearish butterfly pattern and gartley pattern confirm.. That would be the most exciting scenario , but we reach there , happy pips!
Look for a short to correct the up move.
The correction can be small or big to retest the upper line.
Once the short is over, I'm looking at the price to reach $60 in the long term.
Use your strategy to trade and good luck.
If you have any questions, feel free.
Zak
As you can see we have a trendline that's been tested on several occasion. It's safe to say to go short here - we've also got support by 100 bar weekly MA being a resistance. Watch for false breaks TP when price get's around the lower violet trendline
CL1! USOIL
The technical overview in the Oil expose a solid Downtrend and keep the spot inside the Triangle.
Triangle Bottom: $ 43.00
The bear is in the Auction control and it will keep pushing, we need keep it in mind. ALL retraccement can be a profitable oportunity.
happy week
ON THE DAILY WE HAVE A STRUCTURE WHERE PRICE HAS BOUNCED BACK FROM THE 43.00 FIB LEVEL.
ALSO THERE IS A SQUEEZE MOMENTUM PATTERN WHERE PRICE WILL MOST LIKELY FALL TO PROFIT TARGET 40, 8 AND PROFIT TARGET 33.63.
ENTER TRADE JUST BELOW THE 43 FIB LEVEL WITH A STOP JUST ABOVE 44 LEVEL.
PRICE SHOULD AFTER THAT TEST THE RESISTANCE TREND LINE AND FALL TO
PROFIT...
Mark for me to make the decision
IF bullish, it may bullish to 52.22-52.78 first target, and 55.21-55.96 second target, then 59.46 third target.
IF bearish,it may bearish to 41.46, first target, and 40 second target, then 36 area third target
Im on Long side, hope good luck!!
Hello Traders ! These days I was very busy to design my course for you guys so unable to Post any idea.
Usoil is making this harmonic patterns. So after the completion of harmonic pattern short Usoil from thr Blue Zone.
P.s : Your Likes Will motivate me to continue the good work on trading view.
