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breakoutfakeout

WTI Oil July futures. Buy. Divergence 30min chart

Long
Crude Oil Futures (Jul 2020) (NYMEX:CLN2020)  
breakoutfakeout Updated   
NYMEX:CLN2020   Crude Oil Futures (Jul 2020)
Trend Analysis Chart Patterns Technical Indicators Oil Crude Oil WTI WTI oilfutures wticrude wticrudeoil
5
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trendanalysis chartpattern indicator oil usoil wti oilfutures wticrude wticrudeoil
I have drawn the 1hr chart here to show the spike in volume with the low at 1780. We can see a break below the tredline and a lot of volume come back in. Actually the 30 min chart also shows a nice MACDH divergence at this point as well. All in all this actually constitutes a higher swing low on the oil charts after a lot of divergence at the major low of 1735 on the daily charts.

I am preferring to trade the July contract due to oversupply concerns on the June contract.

Stop at 1770 target 2020 in the first instance.
Trade closed manually:
Managed to get a 100 point move to the upside for some profit taking
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.




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