Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound, shorting at 57.10 and going long at 55.20 should continue to reap rewards. Triggering in either direction with an igniting factor (supply cuts etc.), would indicate the opposite (going short at 55.20, long at 57.10).
Happy Trading!
Zak
Trade active
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Oil crossed 57.10 at 0908
Trade closed manually
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Wrapping up all trades, and getting ready for next week!