ForecastCity
Short

A trading opportunity to sell in USOIL

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
While the RSI support #1 at 43 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 66.50 on 04/23/2019, so more losses to support(s) 61.85, 60.15, 58.05 and minimum to Major Support (55.20) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 52.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (64.70 to 66.50). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (64.70)
Ending of entry zone (66.50)

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:

Trade Setup:
We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25.

Total Profit: 2404 point
Closed trade(s): 822 point Profit
Open trade(s): 1582 point Profit

Closed Profit:
TP1 @ 61.85 touched at 2019.05.02 with 326 point Profit.
TP2 @ 60.15 touched at 2019.05.06 with 496 point Profit.
326 + 496 = 822 point

Open Profit:
Profit for one trade is 65.11(open price) - 62.85(current price) = 226 point
7 trade(s) still open, therefore total profit for open trade(s) is 226 x 7 = 1582 point
All SLs moved to Break-even point.

Take Profit:
TP3= @ 58.05
TP4= @ 55.20
TP5= @ 52.80
TP6= @ 49.50
TP7= @ 45.80
TP8= @ 42.60
TP9= Free
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It's a good technical analysis. and your chart is perfect.
+1 Reply
@fxniki, Thanks for your nice words.
+1 Reply
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