Enter on Tuesday low; stop loss below trend support. Today wiped out Wednesdays gains despite the strong US data, you would think Bulls would give up but the trend support has held well today. I say long into next week, risk can be contained by a break of support with an entry just above Tuesdays low
I agree, but personally speaking I think the reason we saw the re-bounce today and not even hitting the main support of 46.80 is because of this impending Category 3 Hurricane that is due to his the U.S on Saturday morning at 7am. Two Oil refineries have already shut down operations in Texas, and three others are monitoring the situation. Because it's a Category 3 Hurricane they are saying it could well last until next Tuesday/Wednesday and cause serious damage including flooding. If that's the case, we could see Oil rally tomorrow and next week as well because the market would tighten further due to the further reduction in oil being produced...