Price is in a current triangle pattern
Price tried a bullish breakout and failed
Price closed below triangle trendline
Price could retrace back to bottom triangle trendline
Or Price could drop where it currently is
TP is @ 59.14
Find appropriate SL
today see oil still inside a balance zone and below 63.8 and above 62.8 will look for back and forth. however a move below 63.2 will look to short to the 62.8 and hold a runner to see if it can go lower. Above the 63.80 area will stalk long trades. These are trade ideas not long term position trades
Oil has made a huge rally past months, without any corrections. I did not touch it for a while, but think we have a good chance this time to short it. More factors in favor now for the first time in a while.
The double top is something i saw yesterday, so unfortunately the entry is less great now, since it's already at the neckline of the double top. But that...
4H CHART EXPLANATION
- Price is currently on an Ascending Channel.
- As in the daily/weekly vision, we observe that price is on a confluence level (Resistance Zone + Pullback).
- Bearish Divergence on MACD.
- If price breaks the Ascending Channel at 63.52, we expect a bearish movement towards 61.98 (Support Zone) and then to the Daily Ascending Trendline. We will...