USOIL NEXT STEP OUTLOOK and TRADE OPPORTUNITY (2016-06-25)

We experienced a choppy week in oil market. It rejects back from the resistance zone at Friday with close price much lower than the neck level.

It seems that a head and shoulder pattern was confirmed from daily chart. And a potential cypher and gartley pattern are forming. Target for this two harmonic pattern are extremely the same which forms a very strong potential reversal zone at 39.9~40.2.

Trading setup:
Open short at around 48.5~49 if it retests the neck level with SL at 49.8
TP1: 46.2
TP2: 44.7
TP3: 41.7
PRZ: 39.9~40.2

Break out of the rising channel will confirm the decline. I will add more positions when it confirmed.

As for time target of this correction you can refer to the analysis below.

Good luck for everyone!

Notes: I publish market outlooks for Oil, Gold, Silver, dxy, eurusd, etc. at weekend. Welcome to subscribe! And welcome to join the qq group 445211242 to discuss more.

Kommentar:

Cool! Nice decline! TP1 touched.

Kommentar:

Oil retraced from the decline channel and went back to the rising channel again. Watch for the resisatnce at 48.6~49!

Kommentar:

Oil rejected back from the upper line of decline channel. Watch for the support at 47.9!

Kommentar:

I will go long if it breaks out of the bearish channel!
www.tradingview.com/...ortunity-2016-07-02/

Kommentar:

Oil respects the channel very well. It rejects back from the decline channel.

Trade ist aktiv:

Opened new shorts when 45.9 was broken.

Kommentar:

TP2 was hit again. It towards to the TP3. Just hold patiently.