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VasilyTrader
Aug 9, 2022 8:02 AM

CRUDE OIL (WTI) Very Bearish Outlook 🛢 Short

WTI CRUDE OILTVC

Description



This morning with my students, we discussed WTI Oil.
The price is trading within a wide horizontal trading range on an hourly time frame.

Approaching its resistance, the price formed a double top formation.
Its neckline breakout confirms a highly probable bearish continuation.

Goals:
88.7 / 87.8

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Comment

Check my new idea on USDJPY:
Comments
CryptoeChris
If crude stays under $91 its going to crash to $87 soon.
ProjectSyndicate
find out shortly seems reasonable to me
VasilyTrader
Are you bearish on WTI?
UnknownUnicorn2830187
your SL was very close, 95 could've been a nice resistance
try out 110$ for a huge order and long term position!
now is stable moment to entre, but play it is Smart to recover !
look my updates on oil for more ideas
SkyTrees
since it broken out, would you suggest bullish if it confirms the structure by testing previous resistance?
VasilyTrader
@SkyTrees, So the situation here is very strange
It invalidated a resistance and broke and closed above then
Then returned back below that

I guess it is a manipulation here
Let’s wait for now
UnknownUnicorn4430035
The 87-88 zone was a very strong support level and the strength of this zone broke through the 90-91 resistance level. Despite the fact that there is plenty of oil, market makers take advantage of the moment by artificially increasing the cost of oil with impulse purchases. Most likely we will see a low price for oil, but not in the near future. This idea of @XTrendSpeed is more likely to happen:
EliteTradingSignals
Cheers bro!
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