OIL Weekly Analysis (Short)
Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level.
I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above $80. If price does break out from the downtrend line, then the last thing I would like is to short it.
Target is set at the lower trendline in the ascending channel, somewhere around $72, depending on the time it will take the price to retrace back down.
This analysis goes along with the one about
SPX500 , which I just posted. Since there's high correlation and I expect a retracement there, too, I believe we are about to see a pullback.
Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level.
I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above $80. If price does break out from the downtrend line, then the last thing I would like is to short it.
Target is set at the lower trendline in the ascending channel, somewhere around $72, depending on the time it will take the price to retrace back down.
This analysis goes along with the one about
SPX500 , which I just posted. Since there's high correlation and I expect a retracement there, too, I believe we are about to see a pullback.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.