USOIL Short Opportunity Lining Up!
Updated
US OIL lining up for a nice swing short opportunity.
Weekly: Still has potential room to move to the upside to test the weekly 50 ema.
Daily we can see a potential H&S forming at 40.00
Would be looking to target daily lows / daily 50 ema
Intraday we can see the H & S formig around 40.00 - 40.25. Atm we seem to be forming double tops at the recent highs.
Price is still being held by the upward sloping trendline, need to see a break of this trendline.
WIll wait for a break and retest of the 1 hr 50 ema & trendline, for confirmation in order to play this to the downside.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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Weekly: Still has potential room to move to the upside to test the weekly 50 ema.
Daily we can see a potential H&S forming at 40.00
Would be looking to target daily lows / daily 50 ema
Intraday we can see the H & S formig around 40.00 - 40.25. Atm we seem to be forming double tops at the recent highs.
Price is still being held by the upward sloping trendline, need to see a break of this trendline.
WIll wait for a break and retest of the 1 hr 50 ema & trendline, for confirmation in order to play this to the downside.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Note
Note
Price continued forming a wedge since I posted here.The 4 hr traded above 40.25 but we can still see price is creating a right shoulder on the H&S formation @ .785 fib retracement.
1 hr has broken out of the wedge formation and had a very weak pullback to 40.25
Looking to target the daily 50 ema + fib extensions at 35.00
We still have the 4 hr trendline in our way. Once we break that, then I can 35.00 being tested.
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