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Oil Setup - Short term

Oil Setup - Short term

Previous setup on Oct             01 to long oil             between $46 - $46.50 did not go live as retracement was not seen.

WTI Crude has broken out from the green trendline and initial target from the failed descending triangle was almost met(day high at $51.94) on Oct             19.

Volume has been coming down for the past week thus not many buyers are chasing this up move.

A retracement to sub-50 to the orange trendline is possible.

stoploss above $52

risk/reward ratio is 3:1