So to be clear i am not a professional trader and im not qualified to give investing directions.
Still i would like to share my view for Oil for the long term.
On November 18 oil broke a long uptrend then on april 19 it finished what i think was a great correction till 65.
From now on it seems it will at least at some time till the end of 2019 it will reach 45 as it had done before.
In the short term a as we can see with the blue circle the price has formed somthing like a HAS formation.
So i will be opening a short with low leverage somewhere inside the treadlines as seen on chart.
Around 56 (was a support level in july) will be a good entry price.
REW/RISK is at least 3-1
Thank you for reading lets see how things play out.
Still i would like to share my view for Oil for the long term.
On November 18 oil broke a long uptrend then on april 19 it finished what i think was a great correction till 65.
From now on it seems it will at least at some time till the end of 2019 it will reach 45 as it had done before.
In the short term a as we can see with the blue circle the price has formed somthing like a HAS formation.
So i will be opening a short with low leverage somewhere inside the treadlines as seen on chart.
Around 56 (was a support level in july) will be a good entry price.
REW/RISK is at least 3-1
Thank you for reading lets see how things play out.
Comment:
As we can see the price reached the lower treadline and then rose.The general price movement is still bearish.
Comment:
Octomber update.
Its clear that it was not possible to follow that trade since the sudden spike in middle of september blew out all logical stop losses.And mine too was gone.Still i will follow the trade for educational purpose.Triple bottom has formed.I bilieve after a bullish run to mid-high 50s the strong support of 52-53 might be broken.
Its clear that it was not possible to follow that trade since the sudden spike in middle of september blew out all logical stop losses.And mine too was gone.Still i will follow the trade for educational purpose.Triple bottom has formed.I bilieve after a bullish run to mid-high 50s the strong support of 52-53 might be broken.