Crude Oil
Primary Original Trend Barrier with adjustments for slop via sliding parallels.
A secondary Red Declining Trend Barrier has emerged.
Price action gapped down significantly due to global tensions and found current support at the adjusted lower medial line.
Price action has declined and previous retracements from 2018 have been weak indicating weaker price before the gap down.
It is unclear which trend will prevail, but the short trade has almost run it's course. Price action would need to accelerate through the downward sloping center line and ultimately decline to 10 which would have significant global economic effects.
A long position on oil would enter here and place a stop below 20 with a price target of 90 [Risking 10 points to make 60+ for 6x Risk]
A short position would be already in place and buy to cover at the center downward sloping median line. This would support buying to cover for the long position and protect the underlying stop.
A secondary Red Declining Trend Barrier has emerged.
Price action gapped down significantly due to global tensions and found current support at the adjusted lower medial line.
Price action has declined and previous retracements from 2018 have been weak indicating weaker price before the gap down.
It is unclear which trend will prevail, but the short trade has almost run it's course. Price action would need to accelerate through the downward sloping center line and ultimately decline to 10 which would have significant global economic effects.
A long position on oil would enter here and place a stop below 20 with a price target of 90 [Risking 10 points to make 60+ for 6x Risk]
A short position would be already in place and buy to cover at the center downward sloping median line. This would support buying to cover for the long position and protect the underlying stop.
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