But this carried a risk too, if Oil 2.20% drop, the same concept but the other way around.
Now go to the chart
With only a support line in the 50.00 area I can interpret the situation here because this support was key in the past until it broke but in the past months from November 2017 the price react with fury against this and recover the land that belongs to him killing the short sellers and executing the stop loss of the bears.
In my own words this is called a short squeeze because this market was in the hands of the bears and now the situation is reversed, is the bulls that now are in control.
Wait for a pullback around the 50.00 or 51.00 area approximately
My job is to find in the market this type of situations and put the idea in the desk of Managers and Traders.
I do this process manually, without the use of a Stock Screener.
This is called discretionary.