Alekznder
Long

Trade Idea #49 - $Cl1! - Oil out of Muddy waters

NYMEX:CL1!   Light Crude Oil Futures
Two great-setups for the dead cat bounce and for longer term (Maybe 3 year contracts?)

Fundamentally I am looking for some anti-fraking news to be coming out within the year, thus reducing supply.

Reasons

  • Heavily Oversold
  • Great Risk/Reward
  • Recovering from 5' Wolfe Wave Technical

Correct Position Size is crucial for large % swings.
Good Luck.
Trade closed: target reached: WOW. Now that's a big winner. Great trade. Exiting the shorter term set-up for a whooping 40% on capital.
Comment: Surgical Execution.
Comment: Longer term trade working out well with the break above $42 resistance. $50 Oil should be soon and the $80 target still intact.
Comment: See latest comment.
Comment: See latest chart
snapshot


For the longer term set-up: Price action suggesting a consolidation in this range. A strong break of 47$ would be nice and a stop should be placed near $35.

Leveraged positions for the shorter term where reached within first month.
Reply
snapshot


Great trade so far. Evaluate strength on any continued uptrend or lack thereof.
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