After a Brexit referendum outcome the Commerzbank analytics told us to "forget about oil at 50". Don´t think this is correct although they are right in one thing: oil should retrace more.
A level of 43.50 looke pretty strong to be a target for the retracement but the price can also test 41.49 level. Any weekly close below that would mean a new travel to the 30s.
Will wait to Monday´s opening to see how the price opens and then take a decision on an entry point
A level of 43.50 looke pretty strong to be a target for the retracement but the price can also test 41.49 level. Any weekly close below that would mean a new travel to the 30s.
Will wait to Monday´s opening to see how the price opens and then take a decision on an entry point
Trade active:
Short since 47.85 and added more on 46.69. First level to watch: 45.37
Comment:
More selling confirmation on a chart below: descending triangle pattern, targeting 44 and also a small correction which is a trend continuation pattern, shown with parallel brown lines
Trade closed manually:
All shorts closed for now. Checking new entry points both for longs and shorts
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!