US Oil Short Trade *WEEKLY RESISTANCE, SUPPLY FLOW INCREASE*
Here is my technical and fundamental analysis for entering short positions on US Oil.
Technicals:
- Weekly rejecting broken channel trendline
- Weekly rejecting $64.50 prior support/resistance zone
- Weekly Fib 0.618
- 4hr showing lower highs and lows now.
Entry will be a weekly close below the Fib 0.618 level and resistance zone. Or I will enter short on the next lower high on the 4hr timeframe and anticipate the break of the 4hr 50EMA.
A full breakdown of this trade can be found on my blog via the link below:
diaryofafinancekid.w...us-oil-trade-update/
Technicals:
- Weekly rejecting broken channel trendline
- Weekly rejecting $64.50 prior support/resistance zone
- Weekly Fib 0.618
- 4hr showing lower highs and lows now.
Entry will be a weekly close below the Fib 0.618 level and resistance zone. Or I will enter short on the next lower high on the 4hr timeframe and anticipate the break of the 4hr 50EMA.
A full breakdown of this trade can be found on my blog via the link below:
diaryofafinancekid.w...us-oil-trade-update/
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