If you are still holding oil contracts, congrats as it has now broken out of the resistance level at
59.47. Currently, it is taking a break, so we might see some correction, sideway move OR price continue to surge nicely along the bullish trend line.
At around 61.68 which is the daily chart resistance level, it is preferable to take some money off the table OR all if you like as profit taking and sellers would be waiting at that level.
I am cautiously optimistic on OIL.
59.47. Currently, it is taking a break, so we might see some correction, sideway move OR price continue to surge nicely along the bullish trend line.
At around 61.68 which is the daily chart resistance level, it is preferable to take some money off the table OR all if you like as profit taking and sellers would be waiting at that level.
I am cautiously optimistic on OIL.
Comment:
Praise the Lord, come on baby, keep on going
Comment:
Now we wait for the price to break out of 61.68 resistance level before adding long
Comment:
Praise Lord. Congrats to those who followed and made good profits from it.
From day chart, we can see that it is retesting a resistance level at around 6370. Here, we expect to see some pullback which can be a good buying opportunity for those who keen to buy in.
Now, there is always a chance to sell as well on the smaller time frame like 1H or 15 mins but you need to have a good strategy and know how to manage the trade. I used to think I could handle both buy and sell on each product I managed to maximise results only to discover I was wrong. And naturally, I got to pay for the mistakes.
Then to each his own, there are others who know how to do it and good at doing that so I can't say you can't sell or things like that. The market always provide opportunities for all kinds of traders. So, find one that you are comfortable with and stick with it.
From day chart, we can see that it is retesting a resistance level at around 6370. Here, we expect to see some pullback which can be a good buying opportunity for those who keen to buy in.
Now, there is always a chance to sell as well on the smaller time frame like 1H or 15 mins but you need to have a good strategy and know how to manage the trade. I used to think I could handle both buy and sell on each product I managed to maximise results only to discover I was wrong. And naturally, I got to pay for the mistakes.
Then to each his own, there are others who know how to do it and good at doing that so I can't say you can't sell or things like that. The market always provide opportunities for all kinds of traders. So, find one that you are comfortable with and stick with it.
Comment:
There is 2 ways to look at the current price of Oil now.
1. Those who did not buy from 55 to 59 price level, this is your chance.
2. A lesson served to those who underestimate the power of the market. And the importance of having a stop loss. I cannot emphasise the importance of the latter. It is like driving a car without a brake. No matter how confident and good a driver you are, there are situations that you may not forsee. And when that situation arises, you want to have resources to protect and use to minimise your risks/loss. In trading, it is the STOP LOSS.
On the news front, the media was saying President Trump's tweet allay the fear of the US Iran war and the firing between both countries have cease fire for now. So this temporary rest and the equities market went back up and oil comes tumbling down by more than 4% yesterday.
Now, if 59.54 fails to hold, then it will retest the next level down, which is 58.65, then 58.24 level. This short term correction serves as good opportunity to buy back.
1. Those who did not buy from 55 to 59 price level, this is your chance.
2. A lesson served to those who underestimate the power of the market. And the importance of having a stop loss. I cannot emphasise the importance of the latter. It is like driving a car without a brake. No matter how confident and good a driver you are, there are situations that you may not forsee. And when that situation arises, you want to have resources to protect and use to minimise your risks/loss. In trading, it is the STOP LOSS.
On the news front, the media was saying President Trump's tweet allay the fear of the US Iran war and the firing between both countries have cease fire for now. So this temporary rest and the equities market went back up and oil comes tumbling down by more than 4% yesterday.
Now, if 59.54 fails to hold, then it will retest the next level down, which is 58.65, then 58.24 level. This short term correction serves as good opportunity to buy back.
