Oil was in a correction from $51.6/barrel to $39.2/barrel before bouncing to $43.5/barrel. After reaching as high as $43.5/barrel, oil started to retreat to $41 level. However today oil has rebounded 5% to the upside, traded as high as $43.8/barrel. The move today confirmed the low at $39.2 as a short term low.
Today move made an engulfing daily candle, which is a bullish reversal signal. Moreover, a break out of the downtrend line on the daily chart is spotted on the chart. A long position is recommended now. If you still have a long position, it is time to hold it and make big profit.
Trade plan:
- Bought 1 spot contract at $43.30
- Stop loss under $41
- Take profit open (update later).
Thanks for reading. Stay Tuned.
Today move made an engulfing daily candle, which is a bullish reversal signal. Moreover, a break out of the downtrend line on the daily chart is spotted on the chart. A long position is recommended now. If you still have a long position, it is time to hold it and make big profit.
Trade plan:
- Bought 1 spot contract at $43.30
- Stop loss under $41
- Take profit open (update later).
Thanks for reading. Stay Tuned.
Comment:
Oil has had a nice day up today after breaking out of the trend line yesterday. The level I'm looking to take profit is $46.00 to 46.10/barrel and wait for it to pull back and buy one more dip. This chart shows why:
Comment:
Oil is up 3% today again, trading at 45.8 now. Looking to take profit very soon near the 46 level.
Trade closed: target reached:
Oil reached 46.2 and I closed my trade at $46/barrel. A very nice trade. I will wait for pull back and add more. Thanks for following.
