OIL --> Fill up now on longs before prices hit ATH's
USOIL
Analysis is based on simplified Smart Money Trading Concepts.
Oil has been trading in an extended pull back. I'm a little late on posting this but have been keeping my eye on the WTI Crude oil market for a while now.
That being said, we have multiple factors showing that show the bulls are in charge and ready for the next run up to potentially All Time Highs.
Weekly TF = Bullish
Daily TF= Bullish
4H TF = Bullish
Having alignment between all of these time frames demonstrates that the Smart Money is pumping money in long positions.
Trade Idea Point of Invalidation: Any break AND close below $63.61
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Reward to Risk ratios could vary between 3:1 up to greater than 10:1 depending on the instrument you are trading and the level that you enter in at.
The round trip time from entry to exit is between 6-8 months.
Since there are so many ways to trade OIL...futures, options, CFD's, and a number of brokers that may have slightly different values, I urge you to review this analysis and transpose the analysis on your particular instrument from your broker to get more exact values.
Any long positions from the 50% of the fibo would be ideal when the market opens. I don't expect the price to retrace below the most recent swing low ($67.74). I expect impulsive demand (buying) from the 50% ($79.30) up to the weak high ($94.99).
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