I had fun scalping with UWTI/DWTI last days but the room is getting smaller and smaller. Aside from triangle formation a strong resistance around 49,20 has formed. If this resistance broken way to 51,20 seems free. MACD is bearish, RSI slowly going away from overbought situation, fundamentals unclear (unstability in some producing countries, USA production falling, some OPEC countries increasing output, high seasonal demand - and so on bera/bull/bear /bull....
I would say a very hard moment to trade oil. I was also comparing situation in last June with correction begining June and pullback afterwards. I expect the chanell to be broken downwords and find support around 45 or 43 and then rebound back. MA 20 broken and lower triangle axis broken seems to be reasonable proof. Be carefull - there were a lot of unsuccesfull attempts with pull back recently!
I would say a very hard moment to trade oil. I was also comparing situation in last June with correction begining June and pullback afterwards. I expect the chanell to be broken downwords and find support around 45 or 43 and then rebound back. MA 20 broken and lower triangle axis broken seems to be reasonable proof. Be carefull - there were a lot of unsuccesfull attempts with pull back recently!
Commentaire:
channel broken
