I've had two short/sell's on oil in recent 6 weeks.
1) 06 July, which for now appears to have been a short term top (I can't ever call the top, so was fortunate there).
2) 27 July were my stop-loss was test (by a few cents) before another big sell-off.
If we have a look at the current setup, you'll note a break of the inclie support extending back to 23 March. The 50-EMA is no longer support, but rather a resistance level which traders will most likely use as a selling area.
You'll also note 68.50 as teh next 'risk level' as where a break below possibly takes us down to 64.50/65.20 (near the 200-day).
Also, the 7-day RSI is in a bearish trend (31 reading) which also suggests using rebounds to sell.
Last but not least, the candle structure is poor, with sharp moves down and wide-ranging red bars.
Overall, I remain bearish until the price action improves again.
1) 06 July, which for now appears to have been a short term top (I can't ever call the top, so was fortunate there).
2) 27 July were my stop-loss was test (by a few cents) before another big sell-off.
If we have a look at the current setup, you'll note a break of the inclie support extending back to 23 March. The 50-EMA is no longer support, but rather a resistance level which traders will most likely use as a selling area.
You'll also note 68.50 as teh next 'risk level' as where a break below possibly takes us down to 64.50/65.20 (near the 200-day).
Also, the 7-day RSI is in a bearish trend (31 reading) which also suggests using rebounds to sell.
Last but not least, the candle structure is poor, with sharp moves down and wide-ranging red bars.
Overall, I remain bearish until the price action improves again.
