USOIL - Bearish Counter-Trend Line Break - Time to Short
With the recent strengthening of the
DXY
for various fundamental reasons that we discuss in depth with our clients, we have seen a sharp decline in the price of oil (not necessarily a sell-off - don't confuse the two!).
We expect the
DXY
strength to continue into next week and so we are looking to short
USOIL
after this bearish corrective structure has now broken to the downside. Enter on a pullback into lower time frame structure/Fibonacci levels.
Trade safe!
Cheers, Paul.
DXY
for various fundamental reasons that we discuss in depth with our clients, we have seen a sharp decline in the price of oil (not necessarily a sell-off - don't confuse the two!). We expect the
DXY
strength to continue into next week and so we are looking to short
USOIL
after this bearish corrective structure has now broken to the downside. Enter on a pullback into lower time frame structure/Fibonacci levels. Trade safe!
Cheers, Paul.