My previous recommendation to short Crude for target to 50.08 is successful- However the intermediate trend remains bullish, price action is still in a multi-month bullish channel-momentum indicator are suggesting resumption of the uptrend. The current sell off is likely to find support near 50% retracement area which is likely a good area to get long for a steady setback towards my 100% projected area at 53.94 over the coming weeks or so.
Strategy: Buy around 48.70-49.22 for a target to 53.73-94, a wider stop below 47.69
Strategy: Buy around 48.70-49.22 for a target to 53.73-94, a wider stop below 47.69
Trade closed: target reached