Waiting for the pullback

15 feb

Morning folks,

So, upside target of 52.2$ is reached. Now price stands at strong resistance area, including monthly major 5/8 level, Yearly Pivot Resistance 1 and upside weekly XOP target. Additionally we see that daily butterfly has been completed and market is overbought here.

Although we do not exclude some wobbling in 52-55K area, so 1.618 butterfly target also could be reached, in nearest time we will be watching for natural downside reaction on strong support area.

Now we do not consider any new longs positions. For intraday short positions it seems too early as well, as market has not started yet any reaction on this level