Price in crude oil has broken a key level and has retraced to retest it. We should look for a buy setup in that level before we enter the market. I will personally keep an eye for a bullish advanced pattern.
I like this, thanks. Made some gains before yesterdays losses but back on the horse now, all the news points to oil going to 50 bucks a barrel this year
bulent_akgul
⋅
Yes it broke trend line. But there are a few problem here. (1) Up move looks to me corrective wave form. (2) Huge hidden divergence in RSI. (3) Nice structure as resistance.
Fxprotrader
⋅
If we don't have a bullish setup i won't enter the market. This is only my analysis to keep an eye at that zone. So these three factors you mentioned may push price down again and we will just avoid this trade. Thank you for your comment..!