olly48

US Oil Overbought?

Short
TVC:USOIL   CFDs on WTI Crude Oil
7 consecutive weeks of growth, will surely have a significant retrace soon. Currently overbought on RSI , I am looking for a retrace to 0.382 fib on the weekly back to previous resistance at $43. Then I expect price to break past $50 easily.

Comments

wouldn't you wait for the top to hold?
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olly48 Forex-Traders-Uk
@Forex-Traders-Uk, Yes i would wait for a break before entry always. I am not saying the retrace will happen immediately from the current price, but hoping to see one soon.
+1 Reply
@olly48, Ok nice. All the best with it :)
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