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