After the rally from 45.5 to 49.60 (big completed gann) , i am expecting some retracement on it, it looks like the retracement has already started. Oil has the tendency to retrace at least 50 to 75 % of the rally. In this case the 50 percent of big move is around 47.5. As long as the price stays below the high of 49.6 i will be interested to short this below 48.6 for targets around 48.20/47.5 and 46.49 or gann double arcs can be considered for take profits.
This idea will be invalid if price goes above 49.6x.
Please note this is not a trade advice. please do your due diligence before placing the trade.
This idea will be invalid if price goes above 49.6x.
Please note this is not a trade advice. please do your due diligence before placing the trade.
Note
Target 1 achieved 48.2
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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.