Previous setup on Oct 01 to long oil between $46 - $46.50 did not go live as retracement was not seen.
WTI Crude has broken out from the green trendline and initial target from the failed descending triangle was almost met(day high at $51.94) on Oct 19.
Volume has been coming down for the past week thus not many buyers are chasing this up move.
A retracement to sub-50 to the orange trendline is possible.
stoploss above $52
risk/reward ratio is 3:1
WTI Crude has broken out from the green trendline and initial target from the failed descending triangle was almost met(day high at $51.94) on Oct 19.
Volume has been coming down for the past week thus not many buyers are chasing this up move.
A retracement to sub-50 to the orange trendline is possible.
stoploss above $52
risk/reward ratio is 3:1
Trade active
Went short on Oct 19 after EIA reportNote
Took some profits off the table at closing when WTI was trading near the higher blue trendlineTrade closed: target reached
Orange trendline hit yesterday
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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.