Price looks like it's forming an Expanding Ending Diagonal which makes me believe prices could be breaking to the downside all the way towards the $60 mark.
Now on the fundamental front we do know that OPEC said that nothing is stopping prices from reaching the $100 mark but this doesn't mean we can't see a decent-sized pullback, and that also doesn't mean that the prices will actually go to $100. Some further reasons however as to why Oil prices could rise in the long run - we have the sanctions against Iran imposed by the US taking effect on November 4th which could cause a supply disruption given how Iran is the world's 3rd biggest oil producer.
As far as the technical chart i'll try and update as the price progresses.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Now on the fundamental front we do know that OPEC said that nothing is stopping prices from reaching the $100 mark but this doesn't mean we can't see a decent-sized pullback, and that also doesn't mean that the prices will actually go to $100. Some further reasons however as to why Oil prices could rise in the long run - we have the sanctions against Iran imposed by the US taking effect on November 4th which could cause a supply disruption given how Iran is the world's 3rd biggest oil producer.
As far as the technical chart i'll try and update as the price progresses.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Comment:
beautiful follow through.
