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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 uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.65 on 04/10/2019, 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 65.

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)

Take Profits:
TP1= @ 61.85
TP2= @ 60.15
TP2= @ 58.05
TP3= @ 55.20
TP4= @ 52.80
TP5= @ 49.50
TP6= @ 45.80
TP7= @ 42.60
TP8= Free
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Thanks for sharing such a grate opportunity to sell on USOIL.
+1 Reply
@fxniki, You're welcome.
Reply
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