WTI is approaching a confluence area on the upside. The short-term orange trend is running into a medium-term S/R. Meanwhile, a potentially complete triangle pattern resistance coincides with the levels mentioned above. Volume and momentum weakened towards both directions, which is typical for triangles.
Another 5% advance breaks through key levels and could potentially invalidate the entire triangle. The other side of the ledger shows a triangle resolution to the downside. The technical case is supported by macroeconomic fundamentals.
All in all, this translates to a trading idea with a better than 1/ 7 risk/reward setup on the short side.
Another 5% advance breaks through key levels and could potentially invalidate the entire triangle. The other side of the ledger shows a triangle resolution to the downside. The technical case is supported by macroeconomic fundamentals.
All in all, this translates to a trading idea with a better than 1/ 7 risk/reward setup on the short side.