Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

OIL Analysis & Trading Plan - 26 Sep 2024 #forex #trading #forexsignals #fyp #shorts

26 Sept 2024 · 1 min

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Vladimir Ribakov sees crude oil in a downtrend with lower highs and lower lows on the daily chart. His plan: sell rallies at Fibonacci retracement levels, betting the bounce fails and price drops again.

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Here is why oil is still a sell. Daily chart maintains classical bearish price structure, sequence of lower highs, lower lows, and it holds this beautiful strong resistance zone. It was a support, becomes a resistance, holds, and the price bounces down right from it. On the 1-hour chart, we can see the price making lower lows After the bounce to the upside, the bearish momentum here now is clean. Pullbacks towards the Fibonacci levels are welcome as long as the Fibonacci levels will hold. Sell the rallies is my trading plan.