Oil is declining from the 50-day moving average, and on higher timeframes, the price remains in a downtrend.
A short trade could be considered, with the first target at 70.50 [+2.50%] and the next at 68.00 [+5.75%].
Stop-loss at 73.50 [-1.70%].
For several reasons, I’m not a fan of short positions and prefer to trade short setups intraday without holding them overnight. Because of this, the trade is suboptimal for me. However, if shorts fit well into your trading system, this could be a good opportunity to capture the move.
A short trade could be considered, with the first target at 70.50 [+2.50%] and the next at 68.00 [+5.75%].
Stop-loss at 73.50 [-1.70%].
For several reasons, I’m not a fan of short positions and prefer to trade short setups intraday without holding them overnight. Because of this, the trade is suboptimal for me. However, if shorts fit well into your trading system, this could be a good opportunity to capture the move.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.