I still have a bearish bias on US Oil with price failing to break higher than its current level for the past few weeks.
Last Friday we saw heavy bearish momentum create new 4hr lows before sharply reversing in the afternoon/evening of the UK GMT timezones.
Price is now retesting a longer term broken trendline and is back in my liquidity zone marked on by the shaded area. As you can see, price has retested and dropped from this area multiple times.
Last Friday we saw heavy bearish momentum create new 4hr lows before sharply reversing in the afternoon/evening of the UK GMT timezones.
Price is now retesting a longer term broken trendline and is back in my liquidity zone marked on by the shaded area. As you can see, price has retested and dropped from this area multiple times.
Trade active
Trade closed: stop reached
Unfortunately you can not win them all. Price broke back through the trendline it was retesting.
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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.