Oil Short
Round 2 for an oil short Looking to short once oil has closed the gap it made on Sunday.
For now oil is in a short term downtrend, if this gap is closed and broken past to the upside then we can expect a more bullish oil in the near future.
For now looking at a trendline bounce trade idea.
Entry- on the 61.8% Fibo at 70.4
Sl- 65 pips
TP- Targeting the 38% of the current fibo structure at 69.15.
Confluences:
Trendline 3rd touch
Key Level
61.8% fibo
H6 50EMA (Not strong confluence but its present)
Trade safe and catch you later traders ▲
For now oil is in a short term downtrend, if this gap is closed and broken past to the upside then we can expect a more bullish oil in the near future.
For now looking at a trendline bounce trade idea.
Entry- on the 61.8% Fibo at 70.4
Sl- 65 pips
TP- Targeting the 38% of the current fibo structure at 69.15.
Confluences:
Trendline 3rd touch
Key Level
61.8% fibo
H6 50EMA (Not strong confluence but its present)
Trade safe and catch you later traders ▲
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