The current short - term consolidation for Crude Oil is coming to an end. Chart is forming a potential bearish flag pattern on the Daily chart. On the top side, zone in 38.20% Fibo at $56.96 remains as a strong resistance. Bottom side, 50% Fibo zone at $55.74 is a good support.
Trade idea: Sell @ the breach at $55.74 as an aggressive move, or wait for a test on the flag and then enter short. Good risk / reward ratio here.
Trade idea: Sell @ the breach at $55.74 as an aggressive move, or wait for a test on the flag and then enter short. Good risk / reward ratio here.
