USOIL. Possible bearish Cypher
Updated
Potential Cypher pattern at USOIL which can end a speculative bullish run on oil and start a corrective impulse towards approximately 41.48 . Please notice also a possible Bearish divergence forming on a daily chart.
If confirmed, I will short by market at 53-53.50 area with a SL at 54.50 and TP at 41.50
Closing a daily candle above 53 will invalidate the pattern and an idea
If confirmed, I will short by market at 53-53.50 area with a SL at 54.50 and TP at 41.50
Closing a daily candle above 53 will invalidate the pattern and an idea
Note
Bulls are still in command but last week there was some profit taking. Let´s see if next week we can tag 53 and start running downNote
Heading down from the top at 51.91. Let´s see how far it can getNote
Has it reached the intermediate target? Yes. Is it divergent? yes. Is it going down? Yes. But for some reason I don´t see it dead yet...Note
For those who want to add shorts, I´d expect for a pullback to 49.22 and add there. SL: 50.50. TP1: 47.50, TP2: 45.50, TP3: 42Note
TP3 on sight. Posting a new chart with new trade on oil
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
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