Oil futures: Short term update

The 1h chart shows interesting developments in oil.
We are long, in red with the last entry, but holding patiently and waiting to add.
The level above needs to be broken and buyers need to defend LOWS above this region.
We shouldn't see any movement below 49.36 for the daily trend to remain up.

Good luck,

Ivan Labrie.

Comment:

Buyers are losing control up here, we can get a short term pullback. Weekly trend is up but it doesn't imply not getting any pullback.
I'm out of all long positions for now, you could short here perhaps, but I won't risk it without a clear signal.

Comment:

We're back above the upsloding inside trendline here, price has a good chance of breaking higher, we can prematurely take a tight stop long, with stop at yesterday's close here.

Trade closed manually:

Oil advance got retraced, not ready to breakout yet, I'm out.

Trade active:

We broke above the mode, safe to go long again, stop is 40 pips down. Last 50.71 (usoil)

Comment:

Stop at 50.71 now, blast off.