WTIC: Get Ready To Trade The Departure From $50.00 Per Barrel -

WTIC: Get Ready To Trade The Departure From $50.00 Per Barrel

Apr 21, 2017Jeremy ParkinsonFinance0

Written by Corey Rosenbloom

Crude oil (StockCharts:$WTIC) has plunged toward the $50.00 per barrel level, collapsing from negative divergences into resistance. This was our forecast play for Oil – a bearish swing “down away from” the $54.00 level for members. Let’s see how it developed, study the pattern, and plan the next swing:

Here’s a quote from our membership strategy planning report:

“Buyers, take profits into this level and aggressive sellers can step in here for a possible sell-swing down toward $51.00 again.”

I called for buyers to take profits into the $54.00 higher frame resistance and allowed for an aggressive short-sell strategy on the departure from resistance.

It took a couple days of sideways action near $53.50 but the final breakdown (safe entry) triggered beneath $53.25 (blue trendline) and

from there saw the collapse begin beneath $53.00.

The initial push of selling culminated like an avalanche with yesterday’s breakdown and collapse toward $50.50.

Remember our simple or initial planning target was $51.00.

Focus on the price action into this pivot and – once again – get ready to trade the departure from $50.00.