Crude Oil has once again found support near the $65 area, initiating a modest rebound. This bounce may extend toward the $72 level, which I view as a potential area of interest for initiating a short position.
Should price action reach that zone, I would look to enter short with a defined target range between $50 and $42. In this scenario, the stop loss would be fixed at $80.60, preserving a clear and disciplined risk management structure.
I’ll be closely monitoring price behavior and momentum as we approach resistance, particularly looking for signs of exhaustion around $72 to validate the setup.
Should price action reach that zone, I would look to enter short with a defined target range between $50 and $42. In this scenario, the stop loss would be fixed at $80.60, preserving a clear and disciplined risk management structure.
I’ll be closely monitoring price behavior and momentum as we approach resistance, particularly looking for signs of exhaustion around $72 to validate the setup.
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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.