Just as we thought : 49$ is protected. Yesterday we broke below 49$ but the the close was above 49$ again.
The first sign of the tricky bear trap was the breakdown below 49$ which was printed at a lower volume than the pop after the bullish inventory report.
As we are overbought by this morning there is a chance of one more testback of the 49$ level
before we break above 50$.
The break above 50$ will activate the bear trap and the panicked shorts will close their positions in the short squeeze.
LONG follow through idea
The first sign of the tricky bear trap was the breakdown below 49$ which was printed at a lower volume than the pop after the bullish inventory report.
As we are overbought by this morning there is a chance of one more testback of the 49$ level
before we break above 50$.
The break above 50$ will activate the bear trap and the panicked shorts will close their positions in the short squeeze.
LONG follow through idea
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Amost tested back 49$
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They will run those stops above 50$