📉🛢️ Crude Oil Technical Analysis: Bearish Setup in Focus 📈🐻
Updated
🚨 Oil traders, exciting times ahead! A compelling bearish opportunity has emerged in the 4-hour timeframe. The price of Crude Oil has recently encountered a crucial supply zone, where a strong rejection was formed.
Adding to the bearish outlook, the RSI indicator reveals a bearish divergence, supporting our thesis for a downside move.
As traders, you have two strategic options to approach this setup:
1️⃣ Enter a short position right from the supply zone, utilizing the proven supply zone strategy to capitalize on the rejection and potential decline in price.
2️⃣ Exercise patience and wait for a breakdown of the trendline, which will provide additional confirmation to the bearish scenario before initiating your short position.
For both approaches, the first take profit level awaits at approximately 73.50, and our ultimate target stands at 71. This is a significant level where a large pool of orders is anticipated, making it an attractive target for taking profit.
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful !🚀
Adding to the bearish outlook, the RSI indicator reveals a bearish divergence, supporting our thesis for a downside move.
As traders, you have two strategic options to approach this setup:
1️⃣ Enter a short position right from the supply zone, utilizing the proven supply zone strategy to capitalize on the rejection and potential decline in price.
2️⃣ Exercise patience and wait for a breakdown of the trendline, which will provide additional confirmation to the bearish scenario before initiating your short position.
For both approaches, the first take profit level awaits at approximately 73.50, and our ultimate target stands at 71. This is a significant level where a large pool of orders is anticipated, making it an attractive target for taking profit.
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful !🚀
Trade active
Note
stop loss above the supply zoneTrade closed: stop reached
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