Looking for oil to make a pull back upwards before we see the actual downtrend commence. We can see on the daily and most time frames that the trend is shifting. This long is risky as oil as the potential to did into the 57.80 region, for those that were messaging me knew my overall bias was short but I have been in the long trades.
There are two scenarios from here.
S1
Oil is bullish until $56 a barrel is broken, until this region is broken we have the potential to see $64-65 a barrel. If this is the case I will keep up to date with long trades.
S2
Oil rejects the $60.60 - 60.80 region and we see the decline. If we pull to this region it would form a H and S pattern. But I would like to see $61.20 spiked in this case. This would wipe out stops.
There are two scenarios from here.
S1
Oil is bullish until $56 a barrel is broken, until this region is broken we have the potential to see $64-65 a barrel. If this is the case I will keep up to date with long trades.
S2
Oil rejects the $60.60 - 60.80 region and we see the decline. If we pull to this region it would form a H and S pattern. But I would like to see $61.20 spiked in this case. This would wipe out stops.