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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (78666)	3/2/2020 9:40:02 AM
From: Goose94	Read Replies (1) of 202691

Crude Oil: This chart has a monthly, weekly and Daily downtrend with lower-highs and lower-lows, as well as bearish momentum indicators on those timeframes. Price broke down through significant historical levels at 51.00 and 50.00 and may retrace back up to test those levels as resistance, before heading lower again. Should price retrace from its current location the area between the 38.2% and 61.8% Fibonacci levels will overlap with the moving averages and the 50.00 price level collectively offering potential resistance. A bearish or bearish-rejection candle in this area may signify a possibly entry opportunity to join the new downward extension towards the 40.00 level. A stop-loss placement above the 50.00 and/or 51.00 S/R level could add additional technical stop-loss protection. Risk management will be key, so a stop-loss is imperative in order to protect capital exposure against unforeseen outcomes. rjofutures.rjobrien.com

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