ForecastCity_EU

A trading opportunity to sell in USOIL

Short
TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
While the price is below the resistance 66.50, beginning of downtrend is expected.
We make sure when the support at 55.20 breaks.
If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 66.50 on 04/23/2019, so more losses to support(s) 61.85, 60.15, 58. 05 and minimum to Major Support (55.20) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 51.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (64.70 to 66.50). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (64.70)
Ending of entry zone (66.50)

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 61.85
TP2= @ 60.15
TP3= @ 58. 05
TP4= @ 55.20
TP5= @ 52.80
TP6= @ 49.50
TP7= @ 45.80
TP8= @ 42.60
TP9= Free
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