1. Confluence of inverse Fibb level of 1.786 and 0.618 from the longer time frame. 2. Entry signal from hourly timeframe. HIgher close above previous high. 3. Good RR. We can enter with a small position first and see how we can scale in. 4. Structure support has not been broken. 5. Stop loss can be below structure.
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demand is coming in at 55.20 area. Still no reason to close any position. Added another 25 barrels in at 55.20.
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Broke out of expanding flat. Take some profit. RR is already 2. A lot of buyers might be netting out their position at any time as their positions become breakeven.