Short Crude Oil at Key Resistance zone
Updated
USOIL had been retracing its bearish trend the last two weeks. It is now currently at key resistance zone. Short order set up for the following reasons:- Overall trend on daily chart is down
- Price resisted key resistance zone at 47.00 to 47.75 (previous April 2016 to June 2017 channel support now became resistance)
- Forming a shooting star candlestick patteren (bearish wick protruding surrounding price action with bearish close)
- Sufficient confluence to support a short, but due to recent higher low that formed, stop will be moved to breakeven at around 45.00
- Minimum of 1.5 RR but potentially > 2RR
- Stop Entry: 46.73; Stop loss: 47.81; Take profit: 43.72 (2.79 RR)
Trade active
Entry triggered at 46.73Trade closed: stop reached
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