Hey guys,

A nice trade idea forming here for the commodities traders. Bring up your oil charts and let’s take a look at the setup.

First up, take a look at the weekly:

WTI Weekly

It’s all about that higher time frame resistance zone that’s held, meaning we’re looking for shorts.

Take a single step down to the daily chart:

WTI Daily

Here you have another level of resistance that’s held. I don’t like that this isn’t the first touch of the level if it comes back that far, but resistance is resistance until it’s not.

Now take the final step into an intraday, hourly chart:

WTI Hourly

This is as good a place as any to short. A nice retest of short term support turned resistance.

Smack that short button.

Peace ✌🏻.

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