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West Texas Oil
Short

WTI Short

By hachemnader
Updated
New oil play, after last week action going back short on this on the bounce off 21 EMA. It hit there at the last 4h Close and decided to enter short. Stop is set just in case but I believe this is going lower as it is in a downtrend at the moment and I find it made lower low on the 4h AND it is still below the 21 AND 50 EMA on both the 4h and daily. There was a small pop last week above the 21 and 50 EMA but that was rejected as can be seen in the price by Friday last week. With all this...I still always have my stop as that is the one thing I have control over in the market. Happy trading.
Note
I decided to move my stop loss here to 62.9. I don't usually do this but for this I believe I need to have the stop a little higher than the previous hi on the other side of this bump. Again don't do this unless you are comfortable with the loss. I will not move it any higher, from here if I get taken out then so be it. Cheers.
Chart PatternsTrend Analysis
hachemnader

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