Oil is due for a drop into its intermediate low. I'm entering an 50% short position here at 60.17$. If we don't erase today's reversal candle I will enter the other 50% short position. My suggested margin impact is 50% for ones whole account.
I'm already short with a smaller position from this idea :
So I'm just going deeper in this short trade. We have a nice MACD devergence on the daily and TSI is starting to cross over.
RSI is extremely overbought.
Firs we will test the previous intermediate cycle top at 55$.
The next level is the 200 SMA at 50-51$. That is the first possible level to print the ICL. But I think we will break below the 200 SMA and maybe tag the first DCL at 45-46$. Time will tell.
I'm already short with a smaller position from this idea :
So I'm just going deeper in this short trade. We have a nice MACD devergence on the daily and TSI is starting to cross over.
RSI is extremely overbought.
Firs we will test the previous intermediate cycle top at 55$.
The next level is the 200 SMA at 50-51$. That is the first possible level to print the ICL. But I think we will break below the 200 SMA and maybe tag the first DCL at 45-46$. Time will tell.
Note
Selling 25% at 61.82. We are in 75% position now.:/Note
Selling the last 25% of the position at this bearish pin bar. Price :63,56$
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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.