We had a bullish view in Oil for the past months. However, some notable changed in Oil price occurred recently.
1. Double H&S reversal on top 2. Previous Structure Low is taken out (Yellow) 3. We are looking to Short when the market retest the previous Resistance Levels
In addition, we can expect some support near our previous support zone (Red lines). Let's wait and see if we can get our confirmations near these levels.
Commento
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Price has passed straight through Resistance level#2 and now showing some weakness around Resistance level#1. Let's wait and see if we can get our confirmation to initiate the trade.
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