We may be discussing now what is better in OIL now : LONG or SHORT ,
We cannot predict the market , but ofcourse try to speculate based on technical studies , Since Moving averages and all other indicators are lagging ones we prefer trendlines and support resistance to make our trading without emotions as much as possible ,
Now coming at chart , we can see that price has been able to penetrate 65 but got rejected just before reaching 67 because of which price has re-entered our multi days old ascending channel and back in previous range..
This itself is not a sell signal but for sure exhaustion in bullish pressure.
This also suggests that we may see deeper retracement towards bottom of ascending channel for support ,
Hence we can wait price to retraceback to support zone and enter Long from there and in process we can also short in Lower time frames in scalping intraday .
Follow the chart & support resistance zone : No-Emotion-FX
We cannot predict the market , but ofcourse try to speculate based on technical studies , Since Moving averages and all other indicators are lagging ones we prefer trendlines and support resistance to make our trading without emotions as much as possible ,
Now coming at chart , we can see that price has been able to penetrate 65 but got rejected just before reaching 67 because of which price has re-entered our multi days old ascending channel and back in previous range..
This itself is not a sell signal but for sure exhaustion in bullish pressure.
This also suggests that we may see deeper retracement towards bottom of ascending channel for support ,
Hence we can wait price to retraceback to support zone and enter Long from there and in process we can also short in Lower time frames in scalping intraday .
Follow the chart & support resistance zone : No-Emotion-FX