Hi everyone:
OIL is shaping up to be a good trade to the down side. Here on the 1 hr chart, we see a Head and Shoulder Pattern developed.
57.00 is a good support and resistance for oil, and waiting for a quick pullback to this price and enter a short position is a good idea.
I am looking to short down to daily 38.20% fibs for a nice risk:reward ratio.
Thank you very your support and feedback.
Joe
OIL is shaping up to be a good trade to the down side. Here on the 1 hr chart, we see a Head and Shoulder Pattern developed.
57.00 is a good support and resistance for oil, and waiting for a quick pullback to this price and enter a short position is a good idea.
I am looking to short down to daily 38.20% fibs for a nice risk:reward ratio.
Thank you very your support and feedback.
Joe
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Here is the daily time frame:
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