Crude Oil plunged towards the $50.00 per barrel degree, collapsing from unfavourable divergences into resistance.
This was our forecast play for Oil – a bearish swing “down away from” the $54.00 degree for members.
Let’s see the way it developed, research the sample, and plan the subsequent swing:
Here’s a quote from our membership technique planning report (be a part of us at the moment):
“Buyers, take profits into this level and aggressive sellers can step in here for a possible sell-swing down toward $51.00 again.”
I referred to as for consumers to take income into the $54.00 greater body resistance and allowed for an aggressive short-sell technique on the departure from resistance.
It took a pair days of sideways motion close to $53.50 however the remaining breakdown (protected entry) triggered beneath $53.25 (blue trendline) and from there noticed the collapse start beneath $53.00.
The preliminary push of promoting culminated like an avalanche with yesterday’s breakdown and collapse towards $50.50.
Remember our easy or preliminary planning goal was $51.00.
Focus on the worth motion into this pivot and – as soon as once more – get able to commerce the departure from $50.00.
Follow together with members of the Afraid to Trade Premium Membership for real-time updates and extra commerce planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
SOURCE: Afraid to Trade.com Blog – Read whole story here.