USOIL WTI reaching a strong confluence and Resistance zone
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Crude oil is in an rising channel which i have highlighted in the blue trend lines, there are several confluences near 58.60 range which i would like to highlight:
1. It will reach the top of the current rising channel at this level.
2. If we take trend based fib. time zone it is entering a new channel which can easily change it's trend as we have seen in the past.
3. There's a good horizontal resistance zone on the fib level as well as in the past if we look left.
About Momentum:
All the major indicators are showing signs of loosing upside momentum, macd and stoch are curving and the DI line is showing that bear are rising and bulls are getting weaker, also on volatility it is trading near the upper side of the bollinger bands and keltner channels.
I have highlighted the zone in the pink box where we can look for new sell opportunities and get entries on lower time frame if the market starts showing signs of reversal, if the price moves aggressively to the upside or if the daily candle closes nearby or above 59 range we may invalidate the setup.
Stop loss can be setup according to your risk, targets are on the chart.
*there's a slightly but a bit possibility that it may fall down from here if it does that we will have to measure it as it maybe a fake out for short term liquidity hunting.
This is not any kind of financial advice you must take care of your own money
1. It will reach the top of the current rising channel at this level.
2. If we take trend based fib. time zone it is entering a new channel which can easily change it's trend as we have seen in the past.
3. There's a good horizontal resistance zone on the fib level as well as in the past if we look left.
About Momentum:
All the major indicators are showing signs of loosing upside momentum, macd and stoch are curving and the DI line is showing that bear are rising and bulls are getting weaker, also on volatility it is trading near the upper side of the bollinger bands and keltner channels.
I have highlighted the zone in the pink box where we can look for new sell opportunities and get entries on lower time frame if the market starts showing signs of reversal, if the price moves aggressively to the upside or if the daily candle closes nearby or above 59 range we may invalidate the setup.
Stop loss can be setup according to your risk, targets are on the chart.
*there's a slightly but a bit possibility that it may fall down from here if it does that we will have to measure it as it maybe a fake out for short term liquidity hunting.
This is not any kind of financial advice you must take care of your own money
Nota
Decision time is nearby if it breaks for the upside we can look for a long to 58.6, if it breaks to the downside we will look for short to the 55.7 and below levels. If you want to be more risk free and better RR than be patient most probably it will reach 58.6 (as the signals are showing) and than look for short to the downside.We are always ready to be wrong and to accept that if market proves us before further damaging our trading account.
Nota
Very choppy market, we exited all over shorts at 56.25 today, if you're new to trading please don't enter this trade you will end up in losses instead check on the internet how you can be safe from choppy markets(by avoiding them) and what are they. The current trade which can develop is to sell near 57.2, but trade only if you have experience otherwise don't trade this market currently
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