After attempting to break 50 for a while now, WTI has broken through $50 overnight. This is bullish for the week and I expect a retest of the ~52 level. Support has been tested early this morning at 50 and has held.
Target hit at 52 faster than I thought. Position closed.... For now
ElPatron.Y
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Same here, looking for a re-entry moment :)
LeTrader
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The factors that move oil prices are very numerous, as long as in aggregate they can push the price past a sticky level, the opportunity is going to be there
ElPatron.Y
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I agree with you for the long movement before further drop, but I think we might see it falling again. Here is what I see.
LeTrader
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So I take it your chart implies that a break through R1 leads to a test at R2?
ElPatron.Y
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Yes before the final break, but we shall see.. I'm long too btw..
ElPatron.Y
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Be carefull, this upward movement was helped by bad US-data...