Strong resistance (apparently). SHORT area
If you look at this chart you will see that we are in a crossroads. Today we hit the resistance trendline of the ascending channel as well as the previous high as per the chart.
Some pullback seems appropriate and worth to try but I would not be surprised with current oil fundamentals to see a short squeeze and break the channel to go for the two next resistance levels.
In my opinion it was an excellent opportunity to open shorts and place a SL slightly above today's high (around .35).
So far short positions are in green and SL at cost with these 25+ pips profit so far.
All the best. GO SHORTS!
Disclaimer: the money is yours so it is the final decision.
Some pullback seems appropriate and worth to try but I would not be surprised with current oil fundamentals to see a short squeeze and break the channel to go for the two next resistance levels.
In my opinion it was an excellent opportunity to open shorts and place a SL slightly above today's high (around .35).
So far short positions are in green and SL at cost with these 25+ pips profit so far.
All the best. GO SHORTS!
Disclaimer: the money is yours so it is the final decision.