🛢️🧸 Crude oil is set to slump - Great setup

2021年3月30日

Hi there is my view near-term on Crude in the nutshell:

• There are comcerns about global demand due extended lockdowns and vaccine shortage in Europe
  
• The Suez canal is free now
  
• DXY marching higher
  
• Concerns on rising yields US10Y
• "Archegos gate" in focus
  
• OPEC meeting this week
  

For me its "perfect storm" for further decline in oil prices
So there is my setup on hourly chart:
Pretty downtrend and rising wedge pattern
On monthly chart CL1! just topping at long term bearish trendline which originated in 2008

here is data for my trade:
------------------------Trade setup ---------------------------
Entry: 61.10
Stop Loss: 62.32
Profit target: 57.50
Time stop: 5 days
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