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Triangle on WTI, Short on breakdown

Triangle on WTI, Short on breakdown

Triangle formation on short time frame, look for short entry

Key Levels :
81.2 - 81.8 - we might see significant support in this zone

Observations :
1 - Trendline support is drawn based on more short term basis and I think is more validated than most I've seen posted here as there has been numerous bounce from it as indicated in the chart
2 - Current formation for a catalyst pattern on breakout is support by trendline parallel to said trendline in point 1
3 - There might be a formation for a ascending triangle or rising wedge in the pattern as indicated in the red box

Trade plan :
1 - I prefer to look for shorts entry here, but there is a small possibility for prices to return to trend based on a break up on a symmetrical triangle that has formed. But the current formation favors shorts
2 - I will not enter short here because it can form either a ascending triangle which is preferable or a rising wedge which is less desirable as there's more room for prices to increase
3 - Once entered, will target 81.2 - 81.8 for take profit

Will update accordingly

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