Shorting BRENT / Retest of resistance and bearish contraction
Today is the day Oil ( Brent and WTI ) continue to take further losses.
An article helped the OIL market yesterday but that article was a cry for funding and in reality, cannot solve the current Coronavirus problem... the WHO downplayed the "breakthrough" and sentimental are back on selling BRENT and WTI and the technicals agree.
The RR is very solid here and we expect strong losses throughout today based on what the charts are showing us.
We will look to move our SL into BE/SP (break-even / Small profit) once a breakout is established (candle closes) below the contraction or out of it on the 4H.
An article helped the OIL market yesterday but that article was a cry for funding and in reality, cannot solve the current Coronavirus problem... the WHO downplayed the "breakthrough" and sentimental are back on selling BRENT and WTI and the technicals agree.
The RR is very solid here and we expect strong losses throughout today based on what the charts are showing us.
We will look to move our SL into BE/SP (break-even / Small profit) once a breakout is established (candle closes) below the contraction or out of it on the 4H.