Reasons for shorting: We got a divergence at 4h time frame, daily trend is still remain , weekly time frame price gave a currection and still remain , monthly time frame price is pushing up creating a bull showing it like there's a huge demand.
Price toped at high reference from high 70.77 May 13. conviction
although this is a short term currection on the bull side. Boarder retail traders now turned as well as current news sentiment and Indian equity market is in negative, crude oil current price is 56.32. following Indian market's currection we have to be cautious and that's it.
Strategy: Plan A. Sell 69.004 or bellow 68.851. targeting 68.719, 68.497, bonus point 68.341. STOP LOSE 69.138.
Plan B. Buy above 69.158 targeting 69.25,69.50.
Resistance: 69.053 strong one . resis 69.10, 69.138, 69.15, last 69.20.
Support: 68.726, 68.543, 68.447, last 68.341.
Btw anything can happen that's the nature's rule and we have to accept it whatever before and aafter.