OIL - A Little Throwback?!
Updated
Oil tanker explosions, Iran admitted shooting down a US drone, crude inventories decrease - those are probably the major reasons why USOIL has made a pretty solid climb upwards.
It has climbed into a pretty interesting area where we can make a short-term SELL:
1. Previously worked support levels has become resistance.
2. Fibonacci Extensions
3. Fibonacci Retracements
4. 2006 Low (not so significant but still, one yearly low has been in this area)
5. AB=CD - D point is on the marked blue box.
6. The price has got a rejection from those levels and the rejection has ended with a bearish candlestick pattern called Evening Star, not a perfect because the previous two candles have been a bit tiny ones but the idea remains still the same.
On the top, we have also a Shooting Star and after that, the selloff has been pretty decent.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
It has climbed into a pretty interesting area where we can make a short-term SELL:
1. Previously worked support levels has become resistance.
2. Fibonacci Extensions
3. Fibonacci Retracements
4. 2006 Low (not so significant but still, one yearly low has been in this area)
5. AB=CD - D point is on the marked blue box.
6. The price has got a rejection from those levels and the rejection has ended with a bearish candlestick pattern called Evening Star, not a perfect because the previous two candles have been a bit tiny ones but the idea remains still the same.
On the top, we have also a Shooting Star and after that, the selloff has been pretty decent.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Note
The news still kicks in and it makes this trade very vulnerable :S
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