theselfishtrader
Short

Break and retest? Possible Short trade idea

TVC:UKOIL   CFDs on Brent Crude Oil
Price has recently broken out of consolidation to the downside.
Price has now retraced to retest former support, which I anticipate acting as resistance. There is confluence with the 38.2 fib and the 20EMA.

~1:1 RR for conservative targets at $62 - $62.20s
Full extension of the move could see a retest of the lows from 12/06 around the $59.40s
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