US Oil presents some serious challenges for those looking to short this market.
This analysis is time frame dependent. Which way you might want to go depends entirely on trends in respective time frames.
1. On the daily time frame this is very much a bull market. We can see that in the ATR (amber trendline) and the green Guppy investor zone.
Oil on the 1day view and possible targets outlined, trade within and/or watch out for a future break in trend.
If oil does stay within channel then expect a drop from around 60.90 - 61.30
If market breaks up then next big target region 67.60 - 68.00
Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes only.