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08.12.202112:53 Forex Analysis & Reviews: Oil - short selling

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Hello, dear traders! I present to you the trading idea for oil.

Thus, after oil prices collapsed from $85 to $61 a barrel in November, the WTI instrument is correcting into the 50% fall range. This fact creates the prerequisites to search for possible entry points to the downside within the stop hunting strategy according to the chart shown in the screenshot below:

Exchange Rates 08.12.2021 analysis

Overall, it is a three-wave ABC structure, where the A wave is the short initiative of November.

It is recommended to consider short positions from a pullback of 50-61.8% on the Fibo level from the current prices and up to 73.34 for WTI according to the chart presented in the screenshot above.

It is advisable to limit risks to $80-82 and fix profits on a breakout of $61-60.

The trading idea is presented within the price action and stop hunting strategy.

Good luck and control your risks!

Andrey Shevchenko
Analytical expert of InstaForex
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