Oil has been on a parabolic drop for the past week. I am hesitance to consider a long play before any sign of a reversal; however, there is a possible repeat April/May cluster level that was touched today and there are two untested pivot lows just begging for attention. Enter based on your own risk tolerance, I am not long yet, I will enter long and send an update when I see a clear sign of a reversal; which could be slow or lightning fast, as NFP and Payroll reports come out tomorrow.
S1 43.03
S2 42.49
TP1 44.53
TP2 45.75
Good trading to all!
S1 43.03
S2 42.49
TP1 44.53
TP2 45.75
Good trading to all!
Comment:
sorry, things have been moving so fast this morning; although rallying, it's been difficult to determine a good buy in/support level; at this point, I feel that 43.73/43.5 is a good place to buy; I am opening long positions.
Comment:
Target price 1 reached; showed some resistance after it was reached. I still believe that Target 2 is possible; I'll update tomorrow with a chart to show current support and resistance levels. Note: I think a decline back to the 41/42 level is possible next week. But first, I'd like to see one last pop on this pullback rally
Comment:
I am still seeing 44.2-43.7 as a good buy level and still expect prices to test the 45.3 and 45.75 levels; long trade still active/good level to buy/add s3.amazonaws.com/tra...shots/n/n2EXXBKS.png
Trade closed: target reached
