TraderOfSwag
Short

Patience needed for Crude Oil

TVC:USOIL   CFDs on WTI Crude Oil
WTI ( Crude Oil )
A Head and Shoulders pattern was negated last week and now the uptrend is broken.
Looks like we have more room for a down move until the blue line gets hit. At that point we can see a reversal or a bigger move down.

We closed a Short position today marked with the arrow since we want to wait for confirmation on the next move.
Comment: We are till waiting for Oil to break one of the blue lines (or get rejected at it)
We entered a very small position for todays inventory report and was closed with a small profit. For regular position we are still waiting on it to move and give us a clear signal.
Comment: Oil found a nice resistance on the 57.'s level. If it breaks Oil may see 63. that 57.5-58 is hard to break but the longer a support or resistance is touched, the weaker it gets.
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