Crude OIL – SELL STOP – 19th December

Crude OIL – SELL STOP – 19th December (Closed)

Thursday 19th December

Crude Oil

Crude Oil unfortunately hit our stop loss, however the price is in a very sharp ascending wedge formation at a major resistance level. This suggests if crude oil breaks to the downside it should continue with a reversal.

We will be looking for a break below the wedge line before entering our next position.

Trade Set Up: SELL STOP – Entry price 60.40, stop loss set above the swing high at 61.50 and take profit at 58.60.

Stop loss is 110 PIPS and take profit is 180 PIPS

Trade Setup
SELL STOP

Entry
60.40

Take Profit
58.60

Stop Loss
61.50