Potential key reversal bottom detected for WORLevel of interest: Prior support/resistance levels in the past of $13.32 (17-Oct-2022) and $12.92 (10-Oct-2022) (key support/resistance areas to observe).
Await signals for entry such as DMI/ADX and/or RSI swing to the bullish direction.
Stop loss for the trade involving ASX:WOR (and indication that this trade is an absolute 'no-go') is any trade below the low of the signal day of 4th December (i.e.: any trade below $13.16).
WOR trade ideas
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Short WORLast Night oil prices drop 3.1% just due to trade war concerns, this is why I'm looking into WOR. On the TA side, the weekly prices are below the 13 and 50 ema with the confirmation on the MACD as well. The daily price it looks like it got rejected by the 50 EMA with the confirmation on the Stoch. Looking for quick scalp below $13.37.
Short WORGreat trade today, before the market i was looking for a short. The reason why is because of the daily the price is below the 13 and 50 EMA and the weekly is doing the same thing with the confirmation with the MACD bearish slope. I place this trade on the 5 min with the confirmation on the 30 min chart. would keep an eye on it next week.
Happy weekend