OIL SHORT BACK TO MAIN TREND IF CLOSE OUTSIDE 50 MOVING AVERAGE
Hi there,
As you see on the chart, OIL has closed below the 50MA on the daily time frame. We need to see a full candle close below 50MA for short. It is still above the 200MA so still a bullish trend up. But we may want to catch the fall back to the main trend. You can see our entry and profit target.
Profit target = next support point.
Entry Point = Ideally we should wait for a retest and reject from the 50MA to enter for the fall.
Indicator:
> MACD = showing sell but need more sellers
> RSI = below 50, need more strength to the down side
We don't want to see OIL close inside the symmetric triangle.
kind regards
As you see on the chart, OIL has closed below the 50MA on the daily time frame. We need to see a full candle close below 50MA for short. It is still above the 200MA so still a bullish trend up. But we may want to catch the fall back to the main trend. You can see our entry and profit target.
Profit target = next support point.
Entry Point = Ideally we should wait for a retest and reject from the 50MA to enter for the fall.
Indicator:
> MACD = showing sell but need more sellers
> RSI = below 50, need more strength to the down side
We don't want to see OIL close inside the symmetric triangle.
kind regards