WTI Crude Oil: The Perfect Buy Opportunity
In spite of the false bullish signal based on the bullish divergence and the strong bearish momentum, the market is going to give us the perfect buy opportunity.
The price is not far from 10.00, which will act as a support zone. We should be ready to see a trend reversal signal based on a new bullish divergence. It can be a reversal based on candlestick or chart patterns as well. It does not matter. Definitely, the market is not far from the bottom, and I think buying even without a strong reversal signal is possible. Everything depends on the capital size and the opportunity to pass a short term downward movement below 10.00USD.
The 1st trade can be based on the entry point like 12.25USD with stop orders below 8.50USD. The profit target is 28.50USD.
The 2nd trade will be based on a trend reversal signal or if the price drops below 10.00USD.
In such type of trading, money management plays a very important role. Risk per trade must be no more than 1-2% of the capital.
The market conditions can be used for short, swing, and long term trading.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price is not far from 10.00, which will act as a support zone. We should be ready to see a trend reversal signal based on a new bullish divergence. It can be a reversal based on candlestick or chart patterns as well. It does not matter. Definitely, the market is not far from the bottom, and I think buying even without a strong reversal signal is possible. Everything depends on the capital size and the opportunity to pass a short term downward movement below 10.00USD.
The 1st trade can be based on the entry point like 12.25USD with stop orders below 8.50USD. The profit target is 28.50USD.
The 2nd trade will be based on a trend reversal signal or if the price drops below 10.00USD.
In such type of trading, money management plays a very important role. Risk per trade must be no more than 1-2% of the capital.
The market conditions can be used for short, swing, and long term trading.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment:
The price is not far from the low price of 1998. You can see that low in this chart and how the price acted in this zone.
Comment:
The Historical Time!
Comment:
Just to make it clear, you can open long positions using the real Futures contracts or in the spot market. As I trade with the Broker which provides CFD, I opened the long trade in the spot market with the entry price at 16.18USD.
Now the price is at 15.50USD and it is far from the Futures price for May which reached 1.00USD.
Now the price is at 15.50USD and it is far from the Futures price for May which reached 1.00USD.
Comment:
0.00USD Was reached! Spot price stays above 15.00USD.
Comment:
Let's see how this chart will be changed during these days. The price here is based on the Futures May. There will be gap with new Futures for June or may be we will need to find the spot price and follow it.
Comment:
The May WTI crude contract CL CLK20-279.26% closed Monday at -$37.63 a barrel, a one-day drop of $55.90, or 306%, according to Dow Jones Market Data.
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