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Merry Christmas! A 1/7 Risk-Reward Trade in Crude

Short
OANDA:WTICOUSD   West Texas Oil
WTI is approaching a confluence area on the upside. The short-term orange trend is running into a medium-term S/R. Meanwhile, a potentially complete triangle pattern resistance coincides with the levels mentioned above. Volume and momentum weakened towards both directions, which is typical for triangles.

Another 5% advance breaks through key levels and could potentially invalidate the entire triangle. The other side of the ledger shows a triangle resolution to the downside. The technical case is supported by macroeconomic fundamentals.

All in all, this translates to a trading idea with a better than 1/ 7 risk/reward setup on the short side.

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