Descending Triangle on Brent @ D1

7 déc. 2024

A descending triangle pattern has formed on the daily chart of the spot Brent oil. It follows a long-term downtrend in the oil price and can be used for a bearish breakout setup. The triangle's borders are marked with the yellow lines. The cyan line is where my potential entry level will be. It is located at 10% of the pattern's height below the lower border. The green line denotes my take-profit level. It is set to the 100% of the pattern height plotted below the lower border. I will set the stop-loss level to the triangle's highest point (81.710) - the red line. I will ignore bullish breakouts from this trend continuation pattern.

2 janv.

Ordre annulé

I have cancelled this trade setup as the descending triangle pattern was invalidated.