This is a continuation of my last idea, where I had oil topping at $62.58 after a great rise from $46. I got the rise correct but missed the top as oil blew right threw the 11 year resistance level of $62.58. Prices are getting volatile and we finally saw a lower low followed by a slightly lower high at the close of last week - both good bearish signs.
On the hourly, I see good topping action and price is still moving between $64 and $66.50. Rising trend lines continually invalidated, broken then back tested. Shorting any moves above $65.50 on any backtest to last trendline.
On the hourly, I see good topping action and price is still moving between $64 and $66.50. Rising trend lines continually invalidated, broken then back tested. Shorting any moves above $65.50 on any backtest to last trendline.
Note
Hourly trendline broken again and weak backtest of trendline in process after bouncing from $63 support. Breaking $62.50 is a key level where downtrend should accelerate.Note
Max realistic target range is $61.00 to $62.70.Note
Looking to add more shorts during next backtest up to $64.50 to $65.00 range over next 2 daysNote
Price dropped without any material backtest so no new shots added. Cruised down through $62.50 and approaching max realistic target of $61. Move stop to trail to lock in profit if prices reverse quickly.Note
On the 4 hour...never got my desired backtest to add more shorts but certainly got my drop.
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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.