Crude Oil Short

3 thg 3, 2019

WTI has found a nice resistance level here underneath $58/ barrel. The weekly chart shows us a nice rejection of 382-50% Fibonacci level with a bearish engulfing pattern, totally engulfing the prior weeks price action. The Daily shows us a nice Double Top pattern as well off this level, with a Daily Bearish Engulfing close this past Friday. I am not calling for a trend reversal with this setup, but I do believe we will see some selling off, initially needing to break the nice Daily uptrend line and Daily support level. I am looking for a selloff down to $52/ barrel.