Crude Oil: Re-Short?

Crude Oil: Re-Short?

2022-06-06 • Updated

4H Chart   

Oil1.png                                                                                                                                      

Daily Chart

Oil2.png

After closing our short positions on Brent Crude which fell from around 76.60’s all the way down to 67.50, we stated clearly that it would be wise to close our positions and wait for a new opportunity. At the same time, I wasn’t into trading the upside retracement. As always, I prefer to wait for the retracement before I join/rejoin the move. This week I would prefer to short Brent Crude between 73.50 all the way to 74.0 with a stop at 75.40 with a target of 71.00 followed by 69.70 once again, which could be seen later this week.

S3

S2

S1

Pivot

R1

R2

R3

72.04

72.29

72.53

72.78

73.02

73.27

73.51

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