WTICOUSD looking for more downside on oil
Updated
Hi traders:
I am looking at OIL here for some short term play to the recent lows. We have a strong move to the upside for few weeks now, and now hit the double tops on the higher time frame.
Whats important is the price get there correctively within an ascending channel, and we see a mini double tops followed by a quick impulse down, confirming the bearish momentum.
Like usual, my go to entry will be waiting for a continuation correction to be complete on the lower time frame to add further confluence to the sell.
If we still a clean break down move from this correction, we can expect price to tag the recent lows of the structure.
Thank you
I am looking at OIL here for some short term play to the recent lows. We have a strong move to the upside for few weeks now, and now hit the double tops on the higher time frame.
Whats important is the price get there correctively within an ascending channel, and we see a mini double tops followed by a quick impulse down, confirming the bearish momentum.
Like usual, my go to entry will be waiting for a continuation correction to be complete on the lower time frame to add further confluence to the sell.
If we still a clean break down move from this correction, we can expect price to tag the recent lows of the structure.
Thank you
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