Oil running directly into resistance - a quick short idea!
This is an update of my oil call from a few weeks ago where I suggested an inverse head and shoulders pattern might turn oil around.
I believe that the current fundamental environment for oil is favorable so I would not like to fight the trend on any long term basis, but I do believe we can make a quick trade as oil runs into overhead trendline resistance on the chart above. The breakdown line from the bearish wedge will likely serve as resistance and I would not be surprised to see a pull back before oil continues higher.
For a quick trade:
Short oil between $51.60 and $52
Target: $49.75
Stop: $52.30 (or grossly above the trendline above)
I believe that the current fundamental environment for oil is favorable so I would not like to fight the trend on any long term basis, but I do believe we can make a quick trade as oil runs into overhead trendline resistance on the chart above. The breakdown line from the bearish wedge will likely serve as resistance and I would not be surprised to see a pull back before oil continues higher.
For a quick trade:
Short oil between $51.60 and $52
Target: $49.75
Stop: $52.30 (or grossly above the trendline above)
Dagangan ditutup: hentian tercapai
It seems the trendline was completely ignored by the price action which points towards its irrelevance. This line will not appear on future charts. Sometimes you miss!
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.