Is it time to short OIL???
Hi guys, here is my idea about USoil.
Price is approaching very strong resistance which might give us a very good opportunity to short this over bought market. If price make a false break out, i would try to find a sell entry on 4h timeframe. Looking for reversal pattern.
If we consider this is the top of the bull run, profit target should be at 38.2% Fibonacci level.
Also RSI is at over bought zone, its not wide to long this market now. Big banks, institutions may and will consider to take profit at this level which will drive price down. As the retail traders, we should just wait and follow them
My strategy for this trade is super simple and basic, Sell the resistance, buy the support.
Please do your own analysis before placing your trades.
If you are agreed with me, click like and leave a comment.
Good luck to everyone.
If you check my last weeks and earlier this week ideas, all most all of them are running in good profits and stop loss now at break even.
Price is approaching very strong resistance which might give us a very good opportunity to short this over bought market. If price make a false break out, i would try to find a sell entry on 4h timeframe. Looking for reversal pattern.
If we consider this is the top of the bull run, profit target should be at 38.2% Fibonacci level.
Also RSI is at over bought zone, its not wide to long this market now. Big banks, institutions may and will consider to take profit at this level which will drive price down. As the retail traders, we should just wait and follow them
My strategy for this trade is super simple and basic, Sell the resistance, buy the support.
Please do your own analysis before placing your trades.
If you are agreed with me, click like and leave a comment.
Good luck to everyone.
If you check my last weeks and earlier this week ideas, all most all of them are running in good profits and stop loss now at break even.
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