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.
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Cool! Nice decline! TP1 touched.
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Oil retraced from the decline channel and went back to the rising channel again. Watch for the resisatnce at 48.6~49!
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Oil rejected back from the upper line of decline channel. Watch for the support at 47.9!
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I will go long if it breaks out of the bearish channel!
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Oil respects the channel very well. It rejects back from the decline channel.
Trade ist aktiv
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Opened new shorts when 45.9 was broken.
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TP2 was hit again. It towards to the TP3. Just hold patiently.