Further to the earlier ideas on the August delivery contract, I would like highlight the fact that it has now become the front contract of the Crude Light futures curve, and that it did so while being traded at plus 100% from its YTD low. When the June delivery contract went into negative, this contract was trading at around $20/bbl. Two months later it is trading...
USOIL showed a strong close last week and is seemingly looking for another positive close during the upcoming week. There are potential limit buy areas highlighted in the chart. The first area of interest being the weekly HLC3 @ 5773, the level from which the price bounced during the late Friday trading hours. Market participants seem to be waiting for a pullback...
EURUSD Limit buy entries around 1.1360-1.1330 with a 50 pip stop seem reasonable at this point. Waiting for a confirmation upon reaching the levels.
USOIL bulls are having a good run so far. It seems the oil market is ready to reduce short risk as players start taking profits. Looking for a scalp lower seems reasonable.
USOIL has been going through hard times after being rejected at the gap area mentioned in earlier posts. It has now approached an area of buyers' interest it seems. The $50 mark failing to support the price can be interpreted as a longterm 38.20% pullback continuation sell setup. For now, the 5125 area is of interest, if that goes, the 5050 area.