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 sell trading plan explained - 2 May 2024 - By Vladimir Ribakov #trading #forex #shorts #viral

2 May 2024 · 1 min

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Vladimir Ribakov sees crude oil heading lower, with three consecutive lower highs and lows on the daily chart. He's selling rallies into the $87-$88 zone, where a false breakout through Fibonacci levels has created resistance. The 4-hour chart confirms the same bearish pattern.

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How does sell the oil sound to you? Let's take a look on the charts and why I believe the bears are in control. On a daily chart, clear bearish trending structure: 3 lower highs, lower lows, followed by a decent pullback all the way towards the $87, $88 per barrel. But the interesting part on a daily chart: the price went through the Fibonacci, created a false break on the Fibonacci zones holding this key resistance And traded now again below 61 to 50% Fibonacci. Four-hour chart is making a bearish price action structure: three lower highs, lower lows. While the price makes lower lows, indicators as well making lower lows. Classical bearish synchronization. So as long as these key resistances Fibonacci-based levels hold, sell the rallies will be my trading plan.