🛢️🧸 Crude oil is set to slump - Great setup
Hi there is my view near-term on Crude in the nutshell:
For me its "perfect storm" for further decline in oil prices
So there is my setup on hourly chart:
Pretty downtrend and rising wedge pattern
On monthly chart
CL1!
just topping at long term bearish trendline which originated in 2008
here is data for my trade:
------------------------Trade setup ---------------------------
Entry: 61.10
Stop Loss: 62.32
Profit target: 57.50
Time stop: 5 days
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If you like the idea, do not forget to support with a 👍 like and follow.
Leave a comment that is helpful or encouraging. Let's master the markets together. is topping on longterm resistance
- There are comcerns about global demand due extended lockdowns and vaccine shortage in Europe
- The Suez canal is free now
-
DXY
marching higher
- Concerns on rising yields
US10Y
- "Archegos gate" in focus
- OPEC meeting this week
For me its "perfect storm" for further decline in oil prices
So there is my setup on hourly chart:
Pretty downtrend and rising wedge pattern
On monthly chart
CL1!
just topping at long term bearish trendline which originated in 2008 here is data for my trade:
------------------------Trade setup ---------------------------
Entry: 61.10
Stop Loss: 62.32
Profit target: 57.50
Time stop: 5 days
------------------------------------------------------------------
If you like the idea, do not forget to support with a 👍 like and follow.
Leave a comment that is helpful or encouraging. Let's master the markets together. is topping on longterm resistance
