Technical look good. Only downside is there isn't much space to the upside. There is a lot of resistance around the $75 area. However, due to recent news and trend they're more likely going to the upside than down.
-Bot shown on chart but it's actually a 50% retracement on larger swing low and 61.8% on shorter swing.
-Bounce back of previous resistance and trend line touching is a good sign. However, each bounce is a higher potential for a break. But in this case the trend hasn't broken so the trend is your friend.
Previous support looks like resistance so would like a bullish bar breaking that to show upwards potential. And would Ideally enter on the PB. Small position in now and larger on the PB of the break.
I'd take profits at $75 and let the other half run further with a tighter stop.
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SHOULD the low break. Upwards trend is done it'll maybe range for a cycle or two then continue down.
-Bot shown on chart but it's actually a 50% retracement on larger swing low and 61.8% on shorter swing.
-Bounce back of previous resistance and trend line touching is a good sign. However, each bounce is a higher potential for a break. But in this case the trend hasn't broken so the trend is your friend.
Previous support looks like resistance so would like a bullish bar breaking that to show upwards potential. And would Ideally enter on the PB. Small position in now and larger on the PB of the break.
I'd take profits at $75 and let the other half run further with a tighter stop.
----
SHOULD the low break. Upwards trend is done it'll maybe range for a cycle or two then continue down.
Trade closed: target reached:
Closed a portion of the trade. Stop adjusted and will follow and see how it reacts to the previous high that it broke. May re-enter if I like the pull back continuation.