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US Crude down trend continuation

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I had a plan to short the US Crude from the level around 58.7. I did not manage to succeed to fulfill this plan, however, now the price retrace up in the past several days and I am wondering if this could be a good opportunity to catch the second wave on the short side. For now, my plan is to wait for a break on the 1h range and to enter short around 57.3 with a target at the bottom of the previous 1h range - around 56.4.

If the crude oil inventory is bearish this will help a lot but of course, this is a very speculative idea.

Do you agree with this idea or you think that the downtrend is over?

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6 minutes ago, Valentin said:

Do you agree with this idea or you think that the downtrend is over?

Perfectly valid idea, 57.3 is key support at the moment and a break down will necessitate a search for stronger support further down, 56.4 was a recent low or the stronger still 56.0 would seem reasonable targets.

It all hinges on 57.3 though.

image.thumb.png.80200c8f3ec1244d0e0c6f04faccb74a.png

 

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