Hello all,
After a major breakout of the big rising wedge on 1D and 1W timeframes the oil price
has been doing a correction. Now the price is reaching the previous structural ATH, which will
possibly become a quite strong resistance. On the other hand, we can draw a bear flag pattern
on 4H chart, which is a bearish AAD pattern to the long term rising wedge. Thus there are good odds
for entering a quite successful long term short term on oil.
On the other hand, if we take on the economic/fundamental side of the game:
All in all, right it might be a good time to enter a long term short trade. Entry, TP, SL and scale-in points are on the graph.
Good luck! If you like this idea, please, like and subscribe! :)
Disclaimer: This is not a trading advice or signal. Any risk related to trading this commodity is solely on you. Please, think thoroughly before making any trading decision. Cheers! :)
After a major breakout of the big rising wedge on 1D and 1W timeframes the oil price
has been doing a correction. Now the price is reaching the previous structural ATH, which will
possibly become a quite strong resistance. On the other hand, we can draw a bear flag pattern
on 4H chart, which is a bearish AAD pattern to the long term rising wedge. Thus there are good odds
for entering a quite successful long term short term on oil.
On the other hand, if we take on the economic/fundamental side of the game:
- The worldwide inflation is running crazy
- The Fed had already increased the tapering speed, it is only a matter of time when they will completely stop QE and starting pushing up interest rates
- The global auto market is rapidly developing in favor of EV vehicles which in turn decreases the oil demand
All in all, right it might be a good time to enter a long term short trade. Entry, TP, SL and scale-in points are on the graph.
Good luck! If you like this idea, please, like and subscribe! :)
Disclaimer: This is not a trading advice or signal. Any risk related to trading this commodity is solely on you. Please, think thoroughly before making any trading decision. Cheers! :)