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ENTRY : $59.300
STOP LOSS : $60.300
FIRST TAKE PROFIT : $58.480
RISK : 1% CAPITAL
Once first take profit target is hit i will close half the position. We will then look for continues of trend. As we have more information i will follow up with an analysis on remaining open position.
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WTI has earned us plenty of profits during its bullish run that started about 2 weeks ago, but ever since hitting the 2021 top we have moved into more of a ranging market.
We've taken a short and have one more sell order at the upper orange level as there is a chance of a retest and that is where we expect/believe bulls to get "tired" and price to reverse back...
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on WEEKLY: BRENT OIL is sitting around strong supply in blue so we will be looking for sell setups on lower timeframes.
on H1: BRENT formed an objective trendline in red so we are waiting for a new swing to form around it to consider it our new trigger swing.
I would be nice to attempt to get a wick entry from key previous structure down to the next key zone marked. Let's see if we get a significant pullback followed by rejections before we consider a sell.
on DAILY: USOIL is sitting around a strong resistance zone so we will be looking for sell setups on lower timeframes
on M30: USOIL formed an objective trendline in blue and broke its last swing downward. we also have a divergence on MACD adding more confluence to our setup.
But since the break happened a couple of hours before the market close and because the...
In 1998, Robert Shiller--the Yale economist and Nobel Prize winner-- formalized that idea in a paper, "Valuation Ratios and the Long-Run Stock Market Outlook" and a book, "Irrational Exuberance." The latter made Shiller something of an economic prophet. In his book, which came out shortly before the dotcom crash, he warned that stocks were overvalued.
Price is currently in a good BUY zone, this area has previously been used as strong resistance which has now turned into support, so i am expecting bulls to step back in and push price higher from here. If you do take a trade from this you can keep a tight stop loss because if price did break such a strong support then it has the potential to fall some way.