US OIL analysis as of 23 july 2020
looking for a short position today. Yesterday inventory news came as a positive 4.892M which generally means decrease in prices due to increase in supply of crude oil .
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Entry point: 41.84
Stop loss:42.51
Take profit 1: 41.24
Take profit 2: 40.60
Take profit 2: 40.20
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The over all trend of the crude market is still bullish but standing at this point we would treat 42.50 as ceiling and short from this range looking for a drop in prices till 40.41 as 40 handle is still very supportive. however a break below 40 level will further send prices to down and move the short term momentum to downwards as well.
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Disclaimer: Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for you. Please ensure you fully understand the risks involved.
.
Entry point: 41.84
Stop loss:42.51
Take profit 1: 41.24
Take profit 2: 40.60
Take profit 2: 40.20
.
The over all trend of the crude market is still bullish but standing at this point we would treat 42.50 as ceiling and short from this range looking for a drop in prices till 40.41 as 40 handle is still very supportive. however a break below 40 level will further send prices to down and move the short term momentum to downwards as well.
.
Disclaimer: Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for you. Please ensure you fully understand the risks involved.
Trade closed: target reached