Short Brent Oil under 70.65 / could be my best Oil Trade everShort Brent under 70.65 $/bbl for a long term trade (sell and hold)
SL @ 71.35
TP @ 61.10
I have little time to explain all the ideas behind that trade, but will make a big analysis in few hours about the idea and the numbers in trade.
It will include fibonacci, EURUSD, the coming ECB meeting today and much more there.
Good luck!
I am in as soon we go under 70.65.
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Disclaimer: There is a very high degree of risk involved in trading forex and/or futures . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Brentcrudeoilshort
Brent Crude Oil above major support, watch for a break!Brent crude oil is starting to show bearish signs and a potential reversal. Our major support remains at 68.60 (Fibonacci retracement, horizontal overlap support) and a break of this would trigger a bearish move down to support at 65.98 (Fibonacci retracement, horizontal pullback support). We can see that price has made a recent bearish exit of an intermediate ascending support-turned-resistance line triggering a potential reversal.
Stochastic (34,5,3) is seeing a pullback to 54% intermediate resistance where we expect a further drop from.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.