-Crude oil is currently trading in a ranging market environment between 83.34 and 70.08 (larger range). Price is also in a smaller range between 82.66 and 72.46 (smaller range).
-From how I see the markets, the 10AM Feb 23 candle was a retest of a fair value gap before a move higher continues aiming between 79.73 and 81.50 price levels. I would like to see the fair value gap left open and not rebalanced completely.
-Bias: Bullish (within the ranges outlined only) -Why? Some buyside liquidity will likely be rebalanced with a possible sweep to the upside to test the 83.00 level. -Targets: 79.73-81.5, possibly up to 82.66 for a sweep.
Comment
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Target at 79.73 hit.
Comment
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80.5 target hit.
Trade closed: target reached
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Looks like price is on the heavy side and my confidence of a 82.6$ sweep has been dashed. This trade idea is complete with 2 near term targets reached.