Hi there is my view near-term on Crude in the nutshell:
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
------------------------------------------------------------------
If you like the idea, do not forget to support with a 👍 like and follow.
Leave a comment that is helpful or encouraging. Let's master the markets together. is topping on longterm resistance
- 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
------------------------------------------------------------------
If you like the idea, do not forget to support with a 👍 like and follow.
Leave a comment that is helpful or encouraging. Let's master the markets together. is topping on longterm resistance
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Related publications
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.