#CRUDEOIL - POTENTIAL SHORT OPPORTUNITY COMING UP!

10. Juni 2020

USOIL

Crude oil has again started to rally up again but since global market like DJI, SPY are showing signs of reduced bullishness / retrace, i am expecting the crude oil will also follow a similar pattern. We may see a move up to the top of the previous high which is $40.4 after which i will expect increased selling pressure.

Even if Crude oil is able to surpass the previous high, it should face resistance again from the high of the gap zone which is $41.5 region. There may be a short term short opportunity coming up in Crude oil. Anyhow, if we break and hold above $41.5 region then the short scenario would be negated and we may see another rally up in Crude Oil.

For the short term, i am expecting crude oil to go down or go sideways after which we will have to re-analyse the market scenario.

Daily RSI -
USOIL - 70 (Bullish)

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