Short oil Multiple weakness seen here, with every rally being sold off.
The support at 46.5 should break any time right now, great opportunity to short here with 1% stop loss.
WTI-OIL
Downward adjustment range, the future trend line testDownward adjustment range, the future trend line test
Crude oil bulls is temporarily stopped, the shock began to adjusCrude oil bulls is temporarily stopped, the shock began to adjust
Overbought, heavy resistance around the 50 buck areaExpecting slowdown of recent rally after breaking out of the downtrend channel two weeks ago.
RSI, Stochastik are overbought and Bollinger Bands indicate a slowdown in the recent move.
Also, middle to end of August is a seasonal which was confirmed now.
Options to work IMHO: sell call spreads
Do not rule out short-wave to go in the C wave adjustmentDo not rule out short-wave to go in the C wave adjustment
US Oil - Poised to break 200-DMA
Oil’s failure to take out $41.86 (38.2% of Feb low-June high) and a slide to $40.80 despite having bounced off from 200-DMA on Friday suggests the bearish force remains strong and prices could test and actually break below 200-DMA level of $40.47.
Such a move would expose $40.00 handle.
On the higher side, only a day end closing above $41.86 would signal short-term bearish invalidation.
nice play short with correlation there is a nice play short on usd cad with a correlation with usoil , wich are both are overextanded as the moment , wich live us with a nice ugain the trend possibilitty with nice r / r ratio ! i ll chart the oil chart on the link bellow ,
we are back so don't hesitate to come by our group just to talk chop , make any comment , share chart anyting !
cheers guys ,
here the link to our group
www.facebook.com
Possible scenario on WTIUSOIL just pierced through support area around 44.50 and is now heading towards next support, which is roughly close to 43.00 (previous lows from April and May 2016). When the price enters this area, I'll be looking for signs of reversal and try to enter long there.
WTI - CRUDE OIL DOWNTREND CONTINUATIONAfter the top around 51$ oil is making lower highs and lower lows. The first red impulse and the purple ABC correction show a possible change in the trend with the breakout of the long term rising trendline. Now we are in the middle of a corrective structure and i'm expecting the completion of the red ABC pattern.
