Fxprotrader
Long

CrudeOil: Short Term Buy Setup In Two Scenarios

FX:USOIL   Crude Oil (WTI)
606 6 19
5 months ago
Clearly in an uptrend we see that price is in a correction after an impulsive wave up and i keep a closer eye for a breakout above this correction. The better setup would be if we see price keep retracing into a corrective structure, reaching the lower parallel of the set. but if prior that that we have a breakout above the correction we may buy crude oil             aiming for the slide parallel (green line)
5 months ago
Comment: Same view but the corrective structure has changed a little. I still wait for a retracement to the lower parallel before price rallies
snapshot
IvanLabrie PRO
5 months ago
This is definitely a good one in the short term...while we hold longer term positions.
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Fxprotrader IvanLabrie
5 months ago
Thank you Ivan.. Good to know :)
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ma.sanjuy
5 months ago
Dear, do you propose that it is a safe buy at $50.08 ???? if so, what should be the target price and by when do you expect the target to be achieved...
by the way, fundamentals are weak world over. Most of the economies are not doing good.... Oil and Coal, even for free, are being replaced by Solar Energy more so, because of the high pollution and artificially high cost that the oil producers want..... also, if all the exchanges which deal with Oil were to ask for 100% margin and do physical delivery... the actual price of Oil would come into existence... which I believe, you will not disagree, would not be more than $20 per barrel... further more, if Oil had genuine demand... why would various world leaders have to try to cartelise the same??? I hope you will take the above points into consideration before going long. Rgds Sanjay


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Fxprotrader ma.sanjuy
5 months ago
Thank you for sharing mate :)
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IvanLabrie PRO
5 months ago
Seems like the pullback's done.
Still tricky up here but might work.
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Fxprotrader IvanLabrie
5 months ago
Yes that's right, but still waiting for a setup completion in the lower timeframes. For now we have a sharp bounce from that level. Any correction will confirm a new move up.
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