I don't think that the consolidation for Crude Oil is over. Short term I like to see another leg higher as shown on the 15min time frame:
However medium term I think we need a leg lower to test 42.50 zone. I will therefore be looking for a buy first (15min time frame), then see whether price breaks out bullish and stay in the trade, or take profit and shift my bias bearish for 42.50.
Once we reach that area we need to determine whether the consolidation is ending or a bearish break might be next.
I will update all three potential steps and trades. However first things first which is in this case a potential buy continuation trade on the 15min time frame.
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However medium term I think we need a leg lower to test 42.50 zone. I will therefore be looking for a buy first (15min time frame), then see whether price breaks out bullish and stay in the trade, or take profit and shift my bias bearish for 42.50.
Once we reach that area we need to determine whether the consolidation is ending or a bearish break might be next.
I will update all three potential steps and trades. However first things first which is in this case a potential buy continuation trade on the 15min time frame.
www.timstuyts.com
www.facebook.com/timstuyts
Comment:
I'm still holding my long for crude oil. We saw the short term bullish continuation I was looking for as shown by means of the 15 min chart. Due to the impulsive character I decided to hold my long for a potential break. I will take 50% profit at the previous high and have a closer look at structure once price hits that level. Stop loss is at break-even.
