USOIL NEXT STEP OUTLOOK and TRADE OPPORTUNITY (2016-06-25)
Updated
We experienced a choppy week in oil market. It rejects back from the resistance zone at Friday with close price much lower than the neck level.
It seems that a head and shoulder pattern was confirmed from daily chart. And a potential cypher and gartley pattern are forming. Target for this two harmonic pattern are extremely the same which forms a very strong potential reversal zone at 39.9~40.2.
Trading setup:
Open short at around 48.5~49 if it retests the neck level with SL at 49.8
TP1: 46.2
TP2: 44.7
TP3: 41.7
PRZ: 39.9~40.2
Break out of the rising channel will confirm the decline. I will add more positions when it confirmed.
As for time target of this correction you can refer to the analysis below.
Good luck for everyone!
Notes: I publish market outlooks for Oil, Gold, Silver, dxy, eurusd, etc. at weekend. Welcome to subscribe! And welcome to join the qq group 445211242 to discuss more.
It seems that a head and shoulder pattern was confirmed from daily chart. And a potential cypher and gartley pattern are forming. Target for this two harmonic pattern are extremely the same which forms a very strong potential reversal zone at 39.9~40.2.
Trading setup:
Open short at around 48.5~49 if it retests the neck level with SL at 49.8
TP1: 46.2
TP2: 44.7
TP3: 41.7
PRZ: 39.9~40.2
Break out of the rising channel will confirm the decline. I will add more positions when it confirmed.
As for time target of this correction you can refer to the analysis below.
Good luck for everyone!
Notes: I publish market outlooks for Oil, Gold, Silver, dxy, eurusd, etc. at weekend. Welcome to subscribe! And welcome to join the qq group 445211242 to discuss more.
Comment
Cool! Nice decline! TP1 touched.Comment
Oil retraced from the decline channel and went back to the rising channel again. Watch for the resisatnce at 48.6~49!Comment
Oil rejected back from the upper line of decline channel. Watch for the support at 47.9!Comment
I will go long if it breaks out of the bearish channel!
Comment
Oil respects the channel very well. It rejects back from the decline channel.Trade active
Opened new shorts when 45.9 was broken.Comment
TP2 was hit again. It towards to the TP3. Just hold patiently.
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