- A very decent buy opportunity on the bounce of the 50 EMA. -Price is was acting as support of the EMA which indicates that there is still strong bullish momentum. -The 23.6% fib level also adds another confluence that price will have a strong move to the upside. -Another confluence is the supply turned demand zone which price has retraced from. This is a very good opportunity to enter a long position and set a good risk to reward ratio for this trade. Let's see what happens this week and make sure to comment your ideas and opinions on oil!
Trade closed: target reached
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Very decent profitable trade with a risk to reward ratio 1:5