Oil price recovered nicely in last two weeks, confirming long term uptrend. Market trades almost at previous major resistance of 56.5-57.5 from which sell off started.
Last two sessions (daily) indicating possible short term turnaround of price, possibly retesting 38.2/50% retracement at 54-53.5, from which I would establish long position. If price action at this level proves to be bullish. Would be the trade with long term trend, targeting 57.5, stop loss@52.35.
Major news will be end of May OPEC meeting, where should be discussed prolongation of production quotas. Need to watch this closely as would have power to push market either above 57.5 or more back to the range, possibly even back to 51-50ish level.
Last two sessions (daily) indicating possible short term turnaround of price, possibly retesting 38.2/50% retracement at 54-53.5, from which I would establish long position. If price action at this level proves to be bullish. Would be the trade with long term trend, targeting 57.5, stop loss@52.35.
Major news will be end of May OPEC meeting, where should be discussed prolongation of production quotas. Need to watch this closely as would have power to push market either above 57.5 or more back to the range, possibly even back to 51-50ish level.
Comment:
Market finally came back to predefined level, waiting for signal to go long.
Order cancelled:
Market didn't show any meaningful signal, thus no trade for me so far.