The strong surge in oil (around 6%) was triggered by geopolitical news (US-Iran tensions), and this type of spike is often driven by sentiment rather than a confirmed long-term trend.
However, going short at this stage isn't entirely safe because:
If the tension escalates further, the price might keep climbing.
And if the news calms down, a quick correction downwards could occur.
In summary:
Shorting is only viable as a short-term play and with extreme caution.
It's better to wait for a confirmation of rejection at clear resistance levels rather than jumping in directly.
Risk management (small size and low leverage) is absolutely essential.
The market is currently more sensitive to news than to technical analysis, so the movement is fast and unstable.
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The drop from 98 to 84 isn't just a regular move; it's a strong signal of current momentum weakness. Most EMA lines are still acting as resistance, especially the 20-day MA around 87.8.
The funding rate remains negative, indicating that the market hasn't fully flipped to a bullish trend yet. Additionally, there are large sell orders in the market, making random entries a real risk.
Current support is centered around 82, and we might retest this level soon. The main resistance is around 90, and breaking through it could be tough in the short term without strong momentum.
For short trades, some might watch for any bounce towards resistance areas before targeting levels close to 80. As for those waiting for a bullish bounce, it’s better to wait for support to hold with strong trading volume before making any moves.
If we break below 82, we could see a drop towards the 76–78 area 📊⚠️
This is just a personal view and not investment advice. Risk management is always essential.