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cobusvdm

Short Crude Oil at Key Resistance zone

Short
CFDs on Crude Oil (WTI) (FX:USOIL)  
cobusvdm Updated   
FX:USOIL   CFDs on Crude Oil (WTI)
Support and Resistance Candlestick Analysis Trend Lines crudeoilwti crudeoilshort short Shooting Star
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supportandresistance candlestick trendline crudeoilwti crudeoilshort short shootingstar
USOIL had been retracing its bearish trend the last two weeks. It is now currently at key resistance zone. Short order set up for the following reasons:

  • Overall trend on daily chart is down
  • Price resisted key resistance zone at 47.00 to 47.75 (previous April 2016 to June 2017 channel support now became resistance)
  • Forming a shooting star candlestick patteren (bearish wick protruding surrounding price action with bearish close)
  • Sufficient confluence to support a short, but due to recent higher low that formed, stop will be moved to breakeven at around 45.00
  • Minimum of 1.5 RR but potentially > 2RR
  • Stop Entry: 46.73; Stop loss: 47.81; Take profit: 43.72 (2.79 RR)
Trade active:
Entry triggered at 46.73
Trade closed: stop reached
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