WTI - Bear Flag - Preparing for another wave down?
Updated
From the charts above it can be seen that the crude oil price has broken the big triangle on the 4h chart and is expected to further decline to the Minimum Price Objective. It was hard to project this sharp down movement as after the Opec+ meeting most of the traders were bullish on the asset. I, personally missed the break as well. If zooming in a bit (the 1h chart) a bearish flag can be spotted. What attracted my attention is that the projected target from that small bearish flag lies exactly at the M.P.O. level of that bigger triangle. As a result, I think its reasonably safe to trade the flag pattern as the bearish momentum prevails and there are no strong fundamentals for it to end, at least in the short-term. Targeting the Minimum Price Objective of the flag which lies around 44.1 and the Stop above the highest point established after the break of the flag.
Have not posted for a while, now am back and will try to post trade ideas on the daily basis. Will appreciate if you will give me a follow if you like the idea!
Have not posted for a while, now am back and will try to post trade ideas on the daily basis. Will appreciate if you will give me a follow if you like the idea!
Note
Think its a good idea to apply a 30min or 1h candle time filter in order not to get trapped.
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