Weekly Andrews Pitchfork chart Oil

Oil downtrend continuation in making 

In this article, we are drawing Pitchfork channels on Ol

On the weekly Oil chart, we can see that the instrument is rejected of the upper falling line of the downtrend Pitchfork channel 65 level and is extending to the downside by forming a new downtrend channel targeting 50

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Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.

We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.

On the Daily chart, the pair formed a downtrend Pitchfork channel which could lead to a test of 50. The downside support 60-60.50 zone needs to hold for the pair to extend downside into the 50 level.  By a trading perspective, look for the short trade entries with the stop loss above the 59.50 level targeting 54 level first, and in a case of a daily close below this level look for the extreme extension lower into the 50 level. Downside invalidation will come on a stop loss trigger and a daily close above the 60 level.

Happy trading! (click on the chart to enlarge it)