Yes, Oil has had an impressive move up. However, price is coming into an area that sold off pretty hard the last time it was here. Can price cut right through? Absolutely. Respect the market. (It still won't respect you, but just respect it. You'll be less likely to get burned.)
Use caution when trading Oil this week as things will likely be choppy. Personally, I would like to see Oil correct back down to 54-53 before jumping in Long. Price may not ever get back there for a while. If Oil sells off and begins to show signs of strength, I will consider entering Long before 54-53. For now, I hold a neutral to short bias.
Be well and make some money, will ya?
; )
Use caution when trading Oil this week as things will likely be choppy. Personally, I would like to see Oil correct back down to 54-53 before jumping in Long. Price may not ever get back there for a while. If Oil sells off and begins to show signs of strength, I will consider entering Long before 54-53. For now, I hold a neutral to short bias.
Be well and make some money, will ya?
; )
Comment:
vOILa! Get it?! Dad joke... Price came right into highlighted area and is now making its way down to find demand before running up again. I am planning to publish a new idea with possible buying opportunities for Oil ; ) Check them out!
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