OIL is Bearish as 280 pips Have Been Secured

Dear traders,

Oil has formed a 1-2-3 pattern and we might see further move down. I have secured 280 pips from my entry.

Historical selling has been aligned with the present moment. 71.00 is the major support now. If the price makes a close below on a daily timeframe we should see a continuation down towards 69.05 and 68.56. As long as the current high is a resistance we should see a bearish correction down. Watch for price action.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez