Chart of the Day Oil

Oil is retesting a broken trendline

Oil is retesting the previously broken hard resistance 55 level and an uptrend line. This retest is opening a possibility of further downside extension in the case of a rejection. Only a daily close above 55.50 could invalidate a downside extension and that is where the stops for the short trades should be. ARMAT trading system is neutral to short 

Note: look for the short trade opportunities with the stop loss above 55.50 early next week

 

 

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