The oil market was still unable to overcome resistance and during late hours gave back more than half of OPEC cut announcement gains. Next week is likely to be very active, as there is a lot of additional interest, the moves are expected to be quite violent. There is no clear signal of a breakout either way, following the market inertia by looking for limit buy setups around the pullback to 5150 area seems reasonable for now.
Limit buy 5125, a 70 tick stop @ 5055 and 1R-3R targets
In long @ 5129, stop 5059
5199 sell limit to close 1/2 of the position. Remaining half working with the same stop. A risk free trade from there.
Trade closed: target reached:
1/2 position, 1R return. Remaining half working with the same stop.
Trade closed: stop reached:
Remaining 1/2 position -1R, out at BE on the full position.