Oil Bulls Again Rejected At the Resistance
December 30, 2019 (Investorideas.com Newswire) Crude oil futures extended gains, breaking above the upper border of the rising green trend channel during yesterday's session. This upswing took the futures right to the red gap. Let's see how this has reflected upon the daily indicators.
They look quite extended, suggesting that the space for additional gains may be limited and that a reversal is probably just around the corner.
Should it be the case, and the futures move lower from here, the first downside target for the sellers will be yesterday's green gap. If the bears close it, the next target will be the lower border of the purple consolidation and the next green gap, which is where our initial downside target currently is.
Summing up, while crude oil futures extended recent gains, the red gap ahead coupled with the extended position of the daily indicators tell about high likelihood of an upcoming reversal lower. And indeed, the futures are trading below $61.50 as we speak. The short position continues being justified from the risk-reward perspective.
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