Oil Weekly Inflection Zone - Intra-Week Update

I believe that oil prices are short term, consolidating between 41.9 and 43.24. I have chosen 42.23 as a buy level however am holding a deep stop as i can see prices dropping anywhere from 42.23 to 41.15 so set your buy/stop according to your own risk tolerance. 41.9 may prove to show better risk/reward as a buy level. I see this consolidation effort as an attempt to create price support at the 43.24 level, which will put prices into a higher range; approximately; 43.24 - 45.89. Good trading to all!

Buy Level1: 42.23
Buy Level2: 41.9
TP1: 44.2
TP2: 45.21

Comment:

No changes at this point; lets patiently await pre and post EIA to for prices to reach the buy price. See text above for alternate risk/reward buy level.

Trade active:

42.23 hit, buy trade is active! Please read additional information for alternate risk reward buy price

Comment:

If you were looking for the better risk/reward trade, buy level two was hit and active. Bottom of overall consolidation level was tested. This was not unexpected. I'd like for prices to move back to the 42.2 level to show continued consolidation. Good trading to all!

Comment:

First target reached

Trade closed: target reached