Oil is trying to break below the strong resistance 61 level
Oil daily chart is revealing a hard test of the strong downside resistance 61 level. This level is a stronghold for the downside extension. Now only a daily close above the 63.30 level would invalidate the downside scenario. A daily close below the 61 level is opening a decline into 56.80
On an H6 chart, we can see consolidation between the 61 and 62.6 level and a strong test of the key 61 level for a downside continuation. Look here for the short trade entry with the stop loss just $2.20 above somewhere between 63 and 63.30 level targeting 57 level at least.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
MentoringLearn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.
Mentoring
Learn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.