We had big move to the upside, however, it is going to create corrective structure. Expecting $8-10 price drop before we take another long shot.
Hope you benefited trading both side.
It's not a trading call just an idea how the market would move.
USOIL / WTI - Update.
Created an equal high today after pushing higher. Then following on with a push down.
Need to see a pullback to the areas highlighted if we can and see it rejecting strongly we can look to sell OIL.
For now be patient and await some more signs.
IF we do not reject after a pullback and keep pushing higher we may be in for OIL coming in...
Last week was a poor performance from USOIL. Originally stretching into the 26.01 - 27.18 - 28.27 range on Friday morning, it appeared that oil may have been on a resurgence. Unfortunately, this was relatively short lived, as we saw a pitiful drop back down into the $23 area in the evening, moments before the futures contracts expired and the markets closed for...
Currently in a grey area where price has reversed strongly previously in 2019. I personally will not be opening any positions until we see a clean break to the downside. If this condition is met, then I would except a strong downtrend to form. Let know what you guys think!!