The price is trading within a 1H Channel Down (RSI = 32.605, MACD = -0.190, Highs/Lows = -0.5650, B/BP = -0.8120), that is close to its Lower Low. Based on the Channel's High-Low measurements, it should be around 44.46. Expect a bounce towards 45.77, which is an ideal short entry on the short term. If however 44.31 breaks before, then the price should copy a variance candle sequence and drop -1.79% to 43.706. In both cases on the short term our TP is 43.710.
On the long term oil is targeting the Monthly support of June 2017 at 42.05, so shorting every rise is the most optimal trading approach.
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On the long term oil is targeting the Monthly support of June 2017 at 42.05, so shorting every rise is the most optimal trading approach.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial