I didn't think oil would go bull again, but Friday was strong. I think it rocks up to $50-52 area again and caps off it's top. I see it quickly retreating back to the $42 area.
Oil based stocks may push to new lows. I could see a few oil based companies getting kicked off the exchange.
Good trade ideas can go differently than forecasted and it's your job to know what to do next. This idea isn't investment advise and you need to manage your own trades.
Trade active
⋅
I wouldn't carry an oil bull past $50 and would look to go short after $50. This oil rally may only last one more day. Friday was very quick and strong and Monday may mirror.
Comment
⋅
Not seeing bull in oil and this looks more like a corrective move. I thinking oil sinks lower soon.
Trade active
⋅
oil in a triangle. I'd wait for a break on the daily chart.
The volume traded today was bigger than any other day this year when analysing the 1hour chart. So further cements why I think we will see a continuation of Today on Monday
7878max
⋅
@CyrusTrafford, Agreed, Friday was too bull to have a Monday sell off. I see the USA markets having a minor bull Monday and the oil based stocks making their last bull move.
See what happens..... It's hard to get it all lined up, but when it does you're in the zone.
CyrusTrafford
⋅
@7878max, Agreed once it hits the 50 mark on Monday/Tuesday, this could be the last time for a long time.
CyrusTrafford
⋅
Agreed with Trade Active. I think we will see another strong rally on Monday morning and then tail off slightly near the 50 mark...At that point is the time to short...