CRUDEOIL BREAKOUT - June 26Timeframe: 4 Hour -- Rising wedge reversal breakout
Analysis : Crude oil has potentially broken a key support trendline on the 4-hour chart, indicating a shift in momentum. This could signal a potential downside move in the near future.
Key Levels:
Breakout Point: 6735 (Support trendline)
Target: 6655 (Based on the measured height of the trendline)
Entry: Consider entering a short position (selling) if the price breaks and closes decisively below the trendline support at 6735.
Target: Aim for a target price of 6655, which is based on the height of the recently broken trendline.
Stop-Loss: Place a stop-loss order above the trendline at 6780 to limit potential losses if the price reverses and breaks back above the trendline.
Risk Management:
Always remember to practice proper risk management. Only allocate a small percentage of your capital to this trade and use a stop-loss order to limit potential losses.
Confirmation: A confirmed trendline break occurs when the price closes decisively below the trendline with increased trading volume.
Additional Notes: This analysis is based on technical indicators and should be used in conjunction with other fundamental and market sentiment factors.
Past performance is not necessarily indicative of future results.
If you have a screenshot of the chart highlighting the trendline break and target level, you can upload it to your TradingView post to provide a visual aid for your analysis.
I hope this TradingView article helps!
