OIL:
Price didnt close above 61 fib level 72,70, and did create 73,20 high, now what we have here:
Oil could create bearish divergence daily but only if:
1. Price does not close above 73,20 on daily basis.
2. Price should target D3 / 70,83 to activate.
3. Target 69,75 , 68,90 then 66,20
How to play it:
1. Start selling with small size and continue to sell the rallies
2. Wait until getting a clear confirmation, meaning price reaching 70,83 to activate and wait for a retracement then start selling using 73,20 as SL.
3. Using a small timeframe to find out if price starts creating LL, LH, then use it as an ignition for the bigger trend.
Oil could create 123 bearish but only if:
1. Price does not close above 73,20 on daily basis, as 73,20 represents point 3.
2. Price should target resistance area 70,10 (price should find support there and retrace back)
3. Target 70,10 and if the price manages to break 68,13 and last target 60.
How to play it:
1. Start selling with small size and continue to sell the rallies, using 73,20 as reference.
2. Wait until price getting into resistance 70,10 and retrace, then start selling using above 73,20 as SL.
3. Using a small timeframe to find out if price starts creating LL, LH, then use it as an ignition for the bigger trend.
