USOIL: Possible Short Position

Good Day Traders!

It seems that USOIL just made a DOUBLE TOP @ around 40.40 which signifies a possible REVERSAL in the TREND.
Another confirmation would be a breakthrough in its NECKLINE & the KEY LEVEL below it.

This has led a to a possible Reversal in the trend based on 3 solid confirmations.

Below would the positions that i'm going to follow up with based on the previous KEY LEVELS.

We're looking at...

Entry Price: 34.64
-
Stop Loss: 41.08
-
Take Profit 1: 28.00
Take Profit 2: 19.92 +-
Take Profit 3: 10.08 +-

Do cross review it yourselves and let me know your thoughts!
Every trade is a learning lesson, be it a Loss or a Win.
Good Luck Traders!

*DISCLAIMER, this is for Educational Purposes only and i do not hold responsible for any losses that you face. This is strictly my view on the charts.*

Kommentera:

Based on recent news, the time will come where the Supply of Crude Oil will be put on hold due to the Demand of the of it going down which led to the drop in price.

After the Supply gets cut off, the price will then be expected to rise once again.

So i would suggest to watch the Market & the News closely if you guys are planning to make any trades with USOIL