Keeping an eye on a potential forming up to $43.30 (the 50 Week ).
If this is confirmed and it breaks up, then the fib extensions are valid as well as a possible squeeze up to the 200 Week .
Failure at this level means it's likely there will be chop sideways or a drop lower.
Opened a long position ($QM - E-Mini Crude Oil futures)
+1 @ $39.45
Exiting position if it breaks down from the wedge.
Closed position for $250 gain and will get back in next week.
-1 @ $40.20
Opened long position after the EIA released storage report. As long as prices remain above $40 I am speculating a break out higher.
Realized we are hovering just below the 200 day EMA. There's a high probability of a pullback from here so I closed my position for a $100 profit and will look to jump back in on a break above that level or on a dip lower.
Low prices = drops in oil rigs + bankruptcies
I'm waiting until next week for the next trade setup and will be looking for buying opportunities after I see a bullish daily candle close.