Possible Long From Support In August WTI Crude (CL)
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months.
As a result, we may get a shot to take a long from support on the daily time frame. Here it is:
1)Entry: Buy $70.91
2)Stop Loss: $70.44
3)Profit Target: $71.38
4)Risk Vs Reward Ratio: 1/1
This trade is a bit of a home run, as the stop loss is considerable. Keep a close eye on your leverage. The time table for this play is extensive, so it will stay on the board until the Friday close.
As a result, we may get a shot to take a long from support on the daily time frame. Here it is:
1)Entry: Buy $70.91
2)Stop Loss: $70.44
3)Profit Target: $71.38
4)Risk Vs Reward Ratio: 1/1
This trade is a bit of a home run, as the stop loss is considerable. Keep a close eye on your leverage. The time table for this play is extensive, so it will stay on the board until the Friday close.