I believe it's still too early to short or go long on oil. The market is opening with gaps, and we need to wait for the chart to settle down before making any decisions.
Overall, the situation hasn’t changed much. It still looks bearish. The general trend is downward, and the price continues to stay below its 50-day moving average. Unfortunately, the setup for entering a short position hasn't materialized yet either.
📝Trading plan:
1. A breakout above 67.76 (the high of the April 23rd candle) would make a long position relevant. But that would require the asset to gain about 4.7%.
2. A breakdown below 63.3 would signal a short. That’s a -2.5% move.
It all feels a bit forced right now.
For the time being, I’m staying on the sidelines and just observing. But knowing how volatile this asset is and how quickly it can start moving, I’m not shelving the plan too far away.
Overall, the situation hasn’t changed much. It still looks bearish. The general trend is downward, and the price continues to stay below its 50-day moving average. Unfortunately, the setup for entering a short position hasn't materialized yet either.
📝Trading plan:
1. A breakout above 67.76 (the high of the April 23rd candle) would make a long position relevant. But that would require the asset to gain about 4.7%.
2. A breakdown below 63.3 would signal a short. That’s a -2.5% move.
It all feels a bit forced right now.
For the time being, I’m staying on the sidelines and just observing. But knowing how volatile this asset is and how quickly it can start moving, I’m not shelving the plan too far away.
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