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US oil Technical Analysis: The downside potential is contained, but after a short climb

30 Oct 2018 03:30 PM

The oil price is trying to rise, and we may actually see a rise today. However, the expected rally may be a new bearish wave. A break of 65.80 from the bottom will create a more pronounced bearish wave, and the price of oil will fall afterwards.

From the top, the price may try to reach levels around 67.65 and may also approach the price of 68.00. However, trading below 68.50 will keep the odds down today.

From here, it might be a good thing to sell US light oil below 67.50 with the expected profit in two stages at 66.60 and 66.00 and stop loss above 68.50.

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