I wanted to provide a dynamic support chart for my 'Oil - Further Breakdown Chart' as I am still looking for target level 3 on that chart at 45.99; and for new possible short entries.
May 2 created a new daily price inflection at 48.08; that level and the most recent Demand Line have been crossed and closed below on the daily timeframe. I am now looking at 47.7 as resistance and advising opening short positions between 47.5-48.08 with a stop loss of 49, targeting initially 46.55-46.81 and then 45.99.
Open/Add Short: ACTIVE - 47.5-48.08
SL: 49
TP1: 46.81
TP2: 45.99
Good trading all!