WTI Short Play: Riding the Range Down

The Charts Don't Lie: Shorting Resistance

G'day, KoraFX crew! Hope you're all having a solid week. I've been eyeing WTI (Crude Oil) today, and while it's been pretty sideways around the 72.4597 mark, I'm seeing a nice little setup for a short swing trade. The daily range has been pretty tight, bouncing between 72.3992 and 72.5202. We're currently knocking on the door of that upper resistance. My plan is to enter a short position at 72.48, aiming for a rejection from that 72.5202 resistance level. Charts don't lie, and that level has been a tough nut to crack.

Risk Management & Target

For this trade, the risk is tight, which I love. My stop loss is set just above the immediate resistance at 72.58. This keeps our downside exposure minimal if it decides to push higher. For the take profit, I'm looking at 72.29. This level is just above the day's low and gives us a decent risk-reward on this range-bound play. Fundamentally, global demand concerns are still floating around, which could keep a lid on any major upside moves for now. It's all about trusting the process and managing that risk. Let's see how this beauty plays out!