Oil - Sell and ride the slip
Updated
Set up: Oil/Brent prices rose on hopes of easing of the corona virus cases; yet fundamentally the glut in production (over 7MM bbl of production) as well as longer term consequences of the virus/economic slow down; indicate that they may drop significantly from the current monthly high zone which is also a Daily resistance area; a lucrative spot to start a sell position.
Trade: Entry potential at convulsion of the D1 resistance (green dash line) which is a retest of the Q4 19 lows area, keltner upper H4 channel line with SL at a few pips above the monthly highs for good ROR. Short term TP is set at D1 support(53.70 area) and long term TP to be updated based on price action
Trade: Entry potential at convulsion of the D1 resistance (green dash line) which is a retest of the Q4 19 lows area, keltner upper H4 channel line with SL at a few pips above the monthly highs for good ROR. Short term TP is set at D1 support(53.70 area) and long term TP to be updated based on price action
Trade closed: stop reached
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