OIL Short Setup
🔵 Entry Level: $82.90
🟢 Take Profit: $78.42 (2.17)
⛔ Stop Loss: $84.96
Reasoning:
1) Currently an overbought level, expecting a slight cool down after which a new move up should follow, taking us to the entry target.
2) If this setup turns out to be valid, the price should print lower high on the indicator, while making a higher high on the chart.
3) Level is coordinated with previous support, which should act as resistance now.
4) Upper trendline on a descending channel.
🔵 Entry Level: $82.90
🟢 Take Profit: $78.42 (2.17)
⛔ Stop Loss: $84.96
Reasoning:
1) Currently an overbought level, expecting a slight cool down after which a new move up should follow, taking us to the entry target.
2) If this setup turns out to be valid, the price should print lower high on the indicator, while making a higher high on the chart.
3) Level is coordinated with previous support, which should act as resistance now.
4) Upper trendline on a descending channel.
