CL has made a spike low near crucial Long term levels of 51.90. Here is a potential contrarian trade set up with 3x win opportunity , plan being this low should hold for the pullback to be valid, else we should look for a test and break of 51.90 areas
Oil short pattern has opened,
At the same time the bear momentum gradually amplified,
Investors are advised to focus on the opportunity to short after the pullback.
Sell Limit 60.40
TP1 57.60
TP2 55.50
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---------------------------------------{DRonnie} 2019.05.30 uk
Midterm forecast:
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
Technical analysis:
The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price...
