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USOIL Short: Shooting Star at 4hr Resistance Level

Short
CFDs on WTI Crude Oil (TVC:USOIL)  
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TVC:USOIL   CFDs on WTI Crude Oil
Support and Resistance Fibonacci Candlestick Analysis Oil oiltrading oilprice oilforecast oilshort oilsignals oilanalysis oilusd
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supportandresistance fibonacci candlestick oil oiltrading oilprice oilforecast oilshort oilsignals oilanalysis oilusd
Trend: The overall trend of the chart is downwards.
Candle Sticks: Formation of shooting start at the LH of the chart.
Support & Resistance: Price is testing the 4he resistance area by making an LH with a shooting star.
Reasoning: The formation of a shooting star at the LH of the 4hr resistance area strongly indicate the price will go down.
SL: Place at the previous LH of the chart.
TP1, TP2, TP3: Placed according to the Fibonacci retracement levels.
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