The week started badly for oil

The week started badly for oil

Trade idea

SELL 52.20; TP 51.60; SL 52.40

WTI oil formed a “dark cloud cover” pattern on D1 near the downtrend resistance line. Yesterday’s candlestick was also bearish with a longer upper wick - a sign that sellers are in control of the market. Today the price opened with a bearish gap. It has topped above 53.00 and is once again testing levels below the 200-week MA at 52.60. Last week oil managed to close above this line, so we won’t have big downside targets, but a decline to 51.60 in the short-term looks quite possible.  

Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.

WTI 12.png

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