Crude Oil Bearish Setup
Crude oil is showing signs of potential downside movement. After a recent rally, price is facing strong resistance near $71.60-$72.65, where sellers are stepping in.
🔻 Key Observations:
1️⃣ Price previously broke out of a descending channel but failed to gain strong bullish momentum.
2️⃣ A lower high is forming, indicating that buyers are losing control.
3️⃣ There’s a strong support zone around $70.14-$70.89, which could be the next target.
4️⃣ A potential short opportunity is forming, with an entry near the current price and a stop above resistance.
Take Profit 1 - 70.89
Take Profit 2 - 70.14
Stop Loss - 72.65
🔻 Key Observations:
1️⃣ Price previously broke out of a descending channel but failed to gain strong bullish momentum.
2️⃣ A lower high is forming, indicating that buyers are losing control.
3️⃣ There’s a strong support zone around $70.14-$70.89, which could be the next target.
4️⃣ A potential short opportunity is forming, with an entry near the current price and a stop above resistance.
Take Profit 1 - 70.89
Take Profit 2 - 70.14
Stop Loss - 72.65
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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.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
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.