USOIL Short after resistance
I'm just starting out here and I usually go by the simplest method, support and resistance which has been a decent tools for me. Now we see here in the 4H that USOIL(WTI) has been attempting to go higher but so far unable to close above the resistance. From here I think we might see a bearish down movement as if we look at the Monthly time frame , we are still bearish and as it is the end of the month, it might has a good chance of rolling down from here. Thoughts ?
Catatan
It’s coming down a little bit but nothing big at the moment. I would say it will continue down to 56.xx - 55.9x. If it doesn’t get rejected in that area and if we can get a 4H bear candle under 55.9x then we should be able to head down more.No doubt the report the other day will come to play a role later when US session hits.
Please feel free to leave a comment , any comments are welcome.
Catatan
If it hits 55.5 then we are looking alright for the time being for bear. Hopefully it stays down until US session comes just for some comforts. Next would be 55 - 54.9Catatan
The last 4H didn’t close below 56 so we just gotta monitor this for the next 2 hours and we should see where it would be heading thenCatatan
Soooo it just touched 55.59 which is another good sign ! Let’s see the next hour just before US session which could bring a heavy storm up in the wayCatatan
US session opened, 55.59 bounced off for now but we will see in 45 minsCatatan
Well, we got there ! Looks like the bear is still crawlingCatatan
See the full “analysis” of mine here
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