Possible short in crude oil

Aug 23, 2023

Crude oil is forming a slightly inclined head and shoulder pattern but it is still a clear pattern. The target is quite low as measured from the pattern. There is a small support before the target and that is the place where we can get some halt which is around 6334. But apart from that the target aligns nicely with a support level from where we can expect a good bounce. 6550 could be a great entry if it arrives, though the current levels are not too bad either to take a staggered entry using the mini lots.

Aug 24, 2023

Trade active

trade triggered at 6550 and is already in profit of 70 points.

Aug 29, 2023

Trade closed: stop reached

Trailing stop is hit. So a breakeven trade in this commodity.