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smitheric1970
Jul 28, 2016 12:43 AM

Demand Test; Long Oil Long

Crude Oil FuturesNYMEX

Description

I've been the bull that's been very wrong over the past weeks the previous supply/demand exchange zone failed. Well prices are currently testing a high volume breakout zone that exchanged to demand after two supply rejections in March and April. I am currently long and if we can break out of this narrow knife channel; which has been common previously during 41.68 tests (the 2009 monthly low closing price) then I am expecting prices to consolidate between the high volume breakup and breakdown levels shown by the green zone on the chart. Targets on chart. Good trading to you!
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