Fibonacci Levels + Support Turned Resistance = Confluence !!
Hello Traders
Back to you with another Tactical Tuesday this time on WTI Oil
After a prolonged bearish impulse and an upside retracement the bearish momentum is about to get back in action.
Trying to find the right level to place my short positions I dispensed all the hard statistics and went straight for the Fib levels.
Looking into the major downward impulse and measuring retracements one price stood out as previous support now turning into resistance. The round level at $64 looks like a viable entry with the right amount of confluence.
My take profit point is a simple (ABCD) harmonic pattern.
This is low risk high reward trade so a bit of a long term holding period.
***Any deviation from the original projections will result in the trade getting cancelled.***
Trade safe, trade well
Back to you with another Tactical Tuesday this time on WTI Oil
After a prolonged bearish impulse and an upside retracement the bearish momentum is about to get back in action.
Trying to find the right level to place my short positions I dispensed all the hard statistics and went straight for the Fib levels.
Looking into the major downward impulse and measuring retracements one price stood out as previous support now turning into resistance. The round level at $64 looks like a viable entry with the right amount of confluence.
My take profit point is a simple (ABCD) harmonic pattern.
This is low risk high reward trade so a bit of a long term holding period.
***Any deviation from the original projections will result in the trade getting cancelled.***
Trade safe, trade well