CRUDE OIL has triggered long since the last two days from 58.00 levels. The RSI momentum has turned BULLISH since the beginning of the week. This move will trade towards 63.00 first and afterwards could see up to 70.00.
Ideal stops for this trade will be below the recent lows 50.80 but if its a too big of a stop for you, you can put the stops below the 50% FIB retracement levels.
If you are not in this trade, you can look to buy with a retracement towards 57.00 - 58.00.
Ideal stops for this trade will be below the recent lows 50.80 but if its a too big of a stop for you, you can put the stops below the 50% FIB retracement levels.
If you are not in this trade, you can look to buy with a retracement towards 57.00 - 58.00.
Comment:
Stops in place 55.85.. as we saw some action below 57.00 and a daily candlestick close below this level, we dont want to be in a position when price action breaking below 56.00
The full target for this would be 63-64 levels.
But if the price action close below 57.00 and break below now I would not recommend to hold on to the position.