USOIL Short
Updated
Bearish Divergence on 1D and 1W, the June close is acting as a strong resistance, waiting for US crude oil inventories to be released this morning. OPEC oil output has increased in an attempt to keep prices near $70 which coincides with target 1. Trade wars also seem to be having an impact on oil prices. Target 1 aligns with weekly open level that should act as support. Target 2 aligns with the top of the cloud on the 1M and kijun/cloud levels on the 1D. We need to break through the green box, failure to do so would lead me to close short.
Trade active
Short from 73.7 . US inventories 4 times lower than expected but it did not have the immediate impact that would be expected given that would indicate US demand for foreign oil would increase. Created nice liquidity for shorts with big wicks on the 4H. Really happy with this entry. Watching what happens as we approach 72-73 rangeComment
Initially planned on closing half at target 1 may only close 25%. gonna move stop loss down to protect profits somewhere just above 72, not doing it until markets close today which would see a large bearish engulfing candle
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