This is a continuation of my last idea, where I had oil topping at $62.58 after a great rise from $46. I got the rise correct but missed the top as oil blew right threw the 11 year resistance level of $62.58. Prices are getting volatile and we finally saw a lower low followed by a slightly lower high at the close of last week - both good bearish signs.
On the hourly, I see good topping action and price is still moving between $64 and $66.50. Rising trend lines continually invalidated, broken then back tested. Shorting any moves above $65.50 on any backtest to last trendline.
On the hourly, I see good topping action and price is still moving between $64 and $66.50. Rising trend lines continually invalidated, broken then back tested. Shorting any moves above $65.50 on any backtest to last trendline.
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Hourly trendline broken again and weak backtest of trendline in process after bouncing from $63 support. Breaking $62.50 is a key level where downtrend should accelerate.
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Max realistic target range is $61.00 to $62.70.
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Looking to add more shorts during next backtest up to $64.50 to $65.00 range over next 2 days
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Price dropped without any material backtest so no new shots added. Cruised down through $62.50 and approaching max realistic target of $61. Move stop to trail to lock in profit if prices reverse quickly.
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On the 4 hour...never got my desired backtest to add more shorts but certainly got my drop.
