Oil Short, retracement to $60 a barrel?

o0oo00o
o0oo00o
edited January 19 in Commodities

i believe that oil is a going to go on a small retracement, down to the area of $60 a barrel. i am currently waiting for the trade to break through my trend line and drop to $60.
I'm not to sure if ill be entering a short, because for my style of trading, i don't really know what a good profit target would be. My analysis says short to $60 a barrel, but i just don't have a feeling strong enough that will take me don't there.
what do you think? let me know
https://www.tradingview.com/x/7ogOA3kK/

Post edited by JoshWinter on

Comments

  • JoshWinter
    JoshWinter
    Posts: 501

    Smart move man by staying focused and patient for your setups and not just entering off emotions or what you think may occur. Good stuff!

    Oil has been on a nice run up and is due for a breather, but when will we get it. A good target would be $62 or $60 in my opinion. I am short small oil but if it rolls over I will look to scale in larger size.

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    Always a Student. B)
  • JoshWinter
    JoshWinter
    Posts: 501 edited January 19

    Oil is attempting to drop, it needs to get under $63, the BULLS keep defending that area, if it breaks w should flush down to $62 or $60 area.

    Post edited by JoshWinter on
    Always a Student. B)
  • JoshWinter
    JoshWinter
    Posts: 501

    34.png 105.2K
    Always a Student. B)
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