Oil - Sell and ride the slip

TVC:UKOIL   CFDs on Brent Crude Oil
Set up: Oil/Brent prices rose on hopes of easing of the corona virus cases; yet fundamentally the glut in production (over 7MM bbl of production) as well as longer term consequences of the virus/economic slow down; indicate that they may drop significantly from the current monthly high zone which is also a Daily resistance area ; a lucrative spot to start a sell position.
Trade: Entry potential at convulsion of the D1 resistance (green dash line) which is a retest of the Q4 19 lows area, keltner upper H4 channel line with SL at a few pips above the monthly highs for good ROR . Short term TP is set at D1 support(53.70 area) and long term TP to be updated based on price action
Feb 14
Trade closed: stop reached


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