Looking to sell WTI crude (USOUSD) … the week of 17 June, 2024
Updated
Often times, the 200dma is a great dynamic support and resistance. See how effective it has been for the past 6 weeks as resistance as multiple attempts were made by the bulls. The up trendline was broken recently and last week it was re-tested from below. The round number 80.00 and the fact that long-term we are in a downtrend are all factors of confluence. There are so many reasons supporting a sell but the short-term trend is bullish.
I want to see some bearish evidence before committing to a trade.
A bullish continuation past the 80.00 level and the 200dma will negate my analysis.
As you can see, this has the potential to be a +5R trade. Staying patient and allowing for market to make its moves will be required.
This is not a trade recommendation.
Trading carries a high level of risk, so only trade with money you can afford to lose. Anything can happen in the markets at any time. Please use sound money and risk management in all your trades.
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I want to see some bearish evidence before committing to a trade.
A bullish continuation past the 80.00 level and the 200dma will negate my analysis.
As you can see, this has the potential to be a +5R trade. Staying patient and allowing for market to make its moves will be required.
This is not a trade recommendation.
Trading carries a high level of risk, so only trade with money you can afford to lose. Anything can happen in the markets at any time. Please use sound money and risk management in all your trades.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
Order cancelled
As you can see bullish action continued past the 80.00 level and 200dma. Trade did not trigger and I am now considering is cancelled.
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