USOIL Possible Bear Continuation Targets

USOIL is being well supplied after pulling back to the grand 45 degree line coming down from the top. If 5000-5050 area fails, the bear case becomes more relevant. Assuming pre mortem conditions, the inventory report turning this around and supply being dried up by incoming new demand, it is reasonable to look for entry opportunities on the lower timeframes. It's better to get out after being proven wrong shortly after entry than hold the bag for who knows how long.

Commentaire:

USOIL 1H

Here is lower timeframe perspective at the same picture

Transaction en cours:

Sold here, 70 ticks stop

Trade fermée: ordre d’arrêt atteint:

1R loss on this short setup