Oil formed a Lower High at 66$, Bearish run?
December 2018 marked the end of the bearish move where oil plunged nearly 40% from its 3 year high 77$. After a long recovery, a deeper downside movement of 10% was noticed, creating a clear Lower High. The move is still a pullback but can easily turn into a bearish run.
Setup :
Trend type - Pullback, Bull trend resumption at 65.30
Action - Sell now.
Take profit @57.80
Stop loss @64.00
Setup :
Trend type - Pullback, Bull trend resumption at 65.30
Action - Sell now.
Take profit @57.80
Stop loss @64.00