I successfully road the recent rally from the lows ($76-78) for a nice trade and I am looking to fully exist the rest of my position and also start a short position around $83-83.2.
A few reasons:
- We are approaching the .5 fib retracement of the local high and low
- We are about to hit the major uptrend that started back in 2020 (a rejection here will confirm the breakdown of a multiyear uptrend, this is significant.)
- There is a bearish continuation pattern printing on the 2 hr. chart.
- There is a bearish divergence forming on the 1-2 hr. charts.
I do not plan to go heavy on the short until I see how the price reacts at the key level. Just a nibble as it hits $83...
Goodluck!
A few reasons:
- We are approaching the .5 fib retracement of the local high and low
- We are about to hit the major uptrend that started back in 2020 (a rejection here will confirm the breakdown of a multiyear uptrend, this is significant.)
- There is a bearish continuation pattern printing on the 2 hr. chart.
- There is a bearish divergence forming on the 1-2 hr. charts.
I do not plan to go heavy on the short until I see how the price reacts at the key level. Just a nibble as it hits $83...
Goodluck!
Comment:
Turned out to be a solid short play, took some profit! lets see where big bad oil heads next.
Comment:
I started a new short position this morning on the highs, I will add higher if need be.