Oil Weekly Inflection Zone - Intra-week Update

As oil prices closed higher than last weeks weekly closing price, I expect; that prices will move towards the 4/18 closing price of 34.73 which is roughly the same as the 7/18 weekly low. I have a target price of 43.2 as prices may stop short of the 7/18 low;however, prices may very well reach the 44 zone depending on EIA and DX action. If this is the case I will likely update with a short entry.

Trade: Active
Target: 42.48, 43.2
SL: 41.05
Short Entry: 43.73

Comment:

I'd like to re-iterate that I'm expecting consolidation between 41.9 and 43.2 and then expect prices to break higher with 43.2 being support. I only see the 43.7 level as being a good short opportunity if it reached without any consolidation occurring first.

Trade closed: target reached

Comment:

Target reached, although I believe prices will consolidate back down towards the 42 level, I believe it is more prudent to wait for a long entry rather than battle out a short term short play. I'll update with another long trade soon. (unless prices hit 34.73 tomorrow, then we'll short)

Trade closed: target reached