Bearish Gartley/Butterfly Formation
With increasing # of US oil rigs and subdued global oil demand, I am expecting the retracement strated from 40.00 to lose strength between 46.00 - 45.00 area and eventually another leg down towards 40.00. This formation supports my idea on technical side with a caveat; the price could go little bit higher and turn gartley into butterfly thus manage your position/risk accordingly.
Recommended to go short at @ 44.70
SL 47.50
1st TP 43.00
2nd TP 41.00
Recommended to go short at @ 44.70
SL 47.50
1st TP 43.00
2nd TP 41.00
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