OIL SEEMS TO BE MOVING IN AN ASCENDING CHANNEL WITH THE OCCASIONAL BEARISH MOVES THAT SEEM TO BOUNCE OF THE 100 AND 200 EMA . RIGHT NOW AFTER A CORRECTION TO 57.8-57.5 I BELIEVE IT WILL SHOOT TO 60-60.5 AFTER THAT I EXPECT A GOOD PULLBACK TO CHECK THE BOTTOM TREADLINE. IF IT GOES MY WAY I WILL OPEN A SHORT AT THAT LEVEL WITH A TIGHT SL AND TP AT 58.2. LETS SEE HOW THIS PLAYS OUT.
THIS IS A PURELY TECHNICAL APPROACH .
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Opened the position SL 60.55 TP 59
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Moved SL to entry level.It is almost at my TP.It is fine to wait for more profit but i dont like going against the long term trend.After it hits my TP i will wait and aim for a long at the bottom of the trendline