Next week on the 5th of Sept. OPEC+ will have a meeting to talk all things oil. I am thinking they will pull back on production due to the massive decline in oil prices this week. (11.5% on Nov. Crude). With lower production, brings lower supply, lower supply brings higher demand!
That being sad, I am looking to get long today or next week. On the chart I am looking for a swing failure of yesterdays lows into the red horizontal area. I will scale in as the price enters this zone and double down at the bottom of the zone. There is a lot of confluence at the bottom of that area. Along with all of that I see a bullish divergence forming right now that would also aid in a nice rally here.
My take profit targets are signified by wave 1, 3, and 5.
This trade has a 75-85% chance of playing out to at least the top of wave 1, I plan to take 25% of my position off there and leave the rest for other targets. Move stop loss into profit.
Please leave a comment below on what you think and if you have an opposing idea!