Buy Opportunity
Entry: Buy WTI Crude Oil CFDs at $66.88.
Stop Loss: $65.60 (below the recent low and key support).
Take Profit:
First target at $69.35 (close to previous resistance).
Second target at $72.79 (8.83% profit potential).
Timeframe: The move is expected to play out over the next 9-10 days, as indicated by the projection curve on the chart.
Analysis Breakdown:
Support and Resistance Levels:
The price seems to have found a support zone around $66.88.
Resistance levels are marked at $69.35, $71.65, and a higher level at $72.88.
Volume Profile:
Visible volume profile on the left side suggests strong activity in the highlighted zones, indicating areas of high liquidity and potential areas of support/resistance.
Momentum Indicator (Squeeze Momentum):
The lower panel shows a Squeeze Momentum Indicator.
The histogram is currently red, indicating bearish momentum, but there’s a hint of weakening bearish pressure as the bars are shrinking.
Potential Trade Setup:
Long Position: Entry at the support level of $66.88.
Stop Loss: Positioned below the $66.00 level (around $65.60).
Take Profit Levels: Targets are set at $69.35 (first target) and $72.79 (final target), aiming for an 8.83% upside move.
Risk-Reward Ratio:
The risk-reward ratio appears favorable based on the analysis, with a potential reward of around 5.91 points ($5.91 move up).
Stop Loss: $65.60 (below the recent low and key support).
Take Profit:
First target at $69.35 (close to previous resistance).
Second target at $72.79 (8.83% profit potential).
Timeframe: The move is expected to play out over the next 9-10 days, as indicated by the projection curve on the chart.
Analysis Breakdown:
Support and Resistance Levels:
The price seems to have found a support zone around $66.88.
Resistance levels are marked at $69.35, $71.65, and a higher level at $72.88.
Volume Profile:
Visible volume profile on the left side suggests strong activity in the highlighted zones, indicating areas of high liquidity and potential areas of support/resistance.
Momentum Indicator (Squeeze Momentum):
The lower panel shows a Squeeze Momentum Indicator.
The histogram is currently red, indicating bearish momentum, but there’s a hint of weakening bearish pressure as the bars are shrinking.
Potential Trade Setup:
Long Position: Entry at the support level of $66.88.
Stop Loss: Positioned below the $66.00 level (around $65.60).
Take Profit Levels: Targets are set at $69.35 (first target) and $72.79 (final target), aiming for an 8.83% upside move.
Risk-Reward Ratio:
The risk-reward ratio appears favorable based on the analysis, with a potential reward of around 5.91 points ($5.91 move up).
GODO Capital Markets
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.
GODO Capital Markets
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.