Trade Idea: LONG Breakout Trade
Oil broke the trend channel yesterday along side the S&P500 and other major indexes. This indicate that the strong bearish run that started back in early October of last year, in which price fall by as much as 45%!, could finally bottomed. If this is the case consider the following trade idea.
Trade Step-Up:
Scenario One: Price pullbacks back to parallel support level. Look for long entry at 50.00
Scenario Two: Price pullbacks back to final support level at the edge of the previous bullish channel trend. Look for long entry between 48.50 to 48.00.
Oil broke the trend channel yesterday along side the S&P500 and other major indexes. This indicate that the strong bearish run that started back in early October of last year, in which price fall by as much as 45%!, could finally bottomed. If this is the case consider the following trade idea.
Trade Step-Up:
Scenario One: Price pullbacks back to parallel support level. Look for long entry at 50.00
Scenario Two: Price pullbacks back to final support level at the edge of the previous bullish channel trend. Look for long entry between 48.50 to 48.00.