2018-5-28
We had a bullish view in Oil for the past months. However, some notable changed in Oil price occurred recently.
1. Double H&S reversal on top
2. Previous Structure Low is taken out (Yellow)
3. We are looking to Short when the market retest the previous Resistance Levels
In addition, we can expect some support near our previous support zone (Red lines). Let's wait and see if we can get our confirmations near these levels.
We had a bullish view in Oil for the past months. However, some notable changed in Oil price occurred recently.
1. Double H&S reversal on top
2. Previous Structure Low is taken out (Yellow)
3. We are looking to Short when the market retest the previous Resistance Levels
In addition, we can expect some support near our previous support zone (Red lines). Let's wait and see if we can get our confirmations near these levels.
Note
Price has passed straight through Resistance level#2 and now showing some weakness around Resistance level#1. Let's wait and see if we can get our confirmation to initiate the trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.