In the oil market's huge run up, and like the indexes lately, retracements are hard to find. So with that in mind, we see the "ATR_Breakeven" stop broke today amidst the resistance zone of "Support_Resistence_MTF," currently set at 6 month periods. This combination shown with the "Autofib" gives you a reversal setup with targets. The ATR and resistance zones give you the impression that the run has [at least] paused. Again, retracements have been rough lately, but if they work this time, there is $3.00 per futures contract value to gain in the 23.6% retracement and $6.50 in the 38.2% retracement. If crossed, "ATR_Breakeven" will tell you if another leg up is in the works. Tread carefully, and remember this is just an example of how our scripts work. :) ~ post by B3
The SCRIPTaCHART company does not make calls or give advice on instruments in the market and aims to show no bias. Please accept B3's usage as a demonstration of using SCRIPTaCHART products, and not as reason to enter a trade. SCRIPTaCHART and its affiliates are not responsible for any loss of capital. Every trader should make their own trade decisions using personal judgement. Thanks!
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