Oil Short Setup
π΅ Entry: $58.73
π’ TP & RR: $53.73 (2.91)
β Stop Loss: $60.45
REASONS FOR THE TRADE
βοΈ Reaching a strong resistance level
βοΈ Market Flow Indicator seriously overbought
βοΈ Ascending channel upper trendline resistance
βοΈ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered)
π Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.
π΅ Entry: $58.73
π’ TP & RR: $53.73 (2.91)
β Stop Loss: $60.45
REASONS FOR THE TRADE
βοΈ Reaching a strong resistance level
βοΈ Market Flow Indicator seriously overbought
βοΈ Ascending channel upper trendline resistance
βοΈ 1.618 Fibonacci Level (although not plotted on the chart as it becomes a bit clustered)
π Stop Loss is above the $59-$60 resistance level, although if you want a more relaxed trade you may move the SL higher to about $61. The confluence of the three factors above makes me believe that the price is due for a pullback if not even trend reversion. I will be monitoring the entry level mentioned above and may open the position prematurely if I see that the price is getting ready to take a dive down.