Market reached important weekly marabuzzo resistance @1278. Price looks to stall and even we start to see more bearishness coming to the market, especially yesterday bearish engulfing pattern.
I sold today@1278, with SL@1302 and PT@1206.
Still counter trend move, so didn't put full size on yet. Would like to see bearish confirmation on weekly chart as well...
Oil price recovered nicely in last two weeks, confirming long term uptrend. Market trades almost at previous major resistance of 56.5-57.5 from which sell off started.
Last two sessions (daily) indicating possible short term turnaround of price, possibly retesting 38.2/50% retracement at 54-53.5, from which I would establish long position. If price action at this...
