Oil continues its downward trajectory, despite occasional pullbacks. The overall trend remains bearish, reinforced by multiple Death Cross patterns, a classic sell signal indicating further weakness. Adding to this bearish outlook, the critical 38% Fibonacci resistance held firm, and after a retest, prices resumed their decline.
Given these factors, we are placing a market sell order to capitalize on further downside movement. Our profit target is set at $67, a significant support level from recent price action. To mitigate risk in case of a temporary rebound, we are positioning our stop-loss above $71.80, which aligns with the 61% Fibonacci retracement—historically a strong resistance zone.
By entering at these levels, we align our trade with prevailing bearish momentum while maintaining a well-defined risk management strategy. This approach enhances our risk-to-reward ratio, ensuring we capitalize on the ongoing downtrend while protecting against potential reversals.
Profit & Loss
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