Crude Oil – Continue Downwards?
The daily trend according to the daily time frame is Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms: T1-B1-T2-B2
The downtrend is confirmed by the bearish cross of MA10 below MA20.
Prices are trading below the resistance level at 49.90 the 61.8% Fib (resistance 1) and above the 76.4% Fib level at 46.90 (support 1).
Therefore, we will recommend SHORT POSITIONS for the no position holders on Crude Oil. Take profit at 45.00 (take profit 1) and at 42.60 (take profit 2). Stop loss should be a bit above the resistance level-R1, thus the stop loss is at 51.00.
For LONG positions, we will recommend to go long in case of a trend-line break (trend reversal).
• Dow pattern- lower tops and lower bottoms: T1-B1-T2-B2
The downtrend is confirmed by the bearish cross of MA10 below MA20.
Prices are trading below the resistance level at 49.90 the 61.8% Fib (resistance 1) and above the 76.4% Fib level at 46.90 (support 1).
Therefore, we will recommend SHORT POSITIONS for the no position holders on Crude Oil. Take profit at 45.00 (take profit 1) and at 42.60 (take profit 2). Stop loss should be a bit above the resistance level-R1, thus the stop loss is at 51.00.
For LONG positions, we will recommend to go long in case of a trend-line break (trend reversal).
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