Oil is officially on a downtrend
This bearish strength is nothing but a fundamental move with strict lock-down measures worldwide. A retest of at least the levels I have analysed is what I am looking for. Entry on the red won't be easy but there are always hints on the trading chart.
Nota
Trade analysis is playing out. Entry was best shown on the lower timeframes with evidence of price failing to continue up. I will manage this trade aggressively to find the right time to break even, this will not be done soon. Price should shoot down about 200 pips. I am also expecting price to shoot back up to form a double top on the key level depicted from my analysis.
Aviso legal
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