This has been very steadily grinding downwards and is now entering a Bearish environment again. I think this will reject off the lower trendline that it broke yesterday, it is just below this now. From here I have set 3 targets for TP that can either be held or swing traded. If this does reject the trendline mentioned the SL can be just above this. I do think this...
If this can break the support level we are currently at this could have a big fall. IF it does break then we can look to short with a target of 49.30. I have been looking for this to have a big correction for some time. Other key target levels are at Fibonacci levels 0.382 and 0.5 which also align with key structure. First we need to break current support though...
Price tested the flip resistance. The market is currently printing a descending triangle consolidation pattern. Possible price action patterns indicated.
With the recent strengthening of the USD for various fundamental reasons that we discuss in depth with our clients, we have seen a sharp decline in the price of oil (not necessarily a sell-off - don't confuse the two!).
We expect the USD strength to continue into next week and so we are looking to short USOIL after this bearish corrective structure has now...
Marked on the chart we have a lovely area of support, if you cant see this then give yourself a telling off and look again ( this normally helps me out, but then I answer myself back which turns into a fight... I always win though )
We are expecting some bullish movement this week from oil as we have bounced off this level and we are looking at bearish movement...
Don't be rude!! I was on about how she likes her drinks LONG island ice tea ;p
Can you see why we are long on this trade? you should be able to figure it out as our charts are nice and simple.
Come and give us a message if you would like to learn this way of trading... we could teach a zombie to do it ;p
Clients will get a much more detailed explanation of...
