Hello Traders,
How are you all doing?
#Technical analyse
WTI is under bear control since it reaches $41.70 range. Based on the attached 4H chart we can clearly see that downtrend is forming. RSI is well below 50. So I believe $36 price target short trade may favour our side in near short term.
On the other side we all know that fundamental is still bearish on oversupply concern. So market sentiment, technical & fundamental all are pointing to south at the moment. Why don’t we take this opportunity and make some profits.
#Trade Setup
I have short @ $41.20 TP $36 SL 43.70
Having said this now we can’t get this price at present. Therefore I suggest the following trade. But the risk is on your own.
Open : $38.50 TP: $36 SL: $41 risk:reward=1:1
If you wish to take this opportunity go for it with your own risk. This is my personal opinion & my trade may be wrong as well. Therefore I’m not responsible for your profit/loss.
I wish you all the best of luck.
