Talk on Friday that OPEC will come to a means to agree the cut in oil have given it a bit of a push and its biggest one day gain recently.
My thoughts are that oil will rise momentarily to either where the two trend lines meet = scenario 1 or will push higher to the upper trendline = scenario 2.
I think it would be wise to wait for price to rise slightly and then enter shorts once the above is obeyed. Oil is in need of a deep correction and I suspect early this week we will see this.
For scenario 1, wait for price to bounce of the trendline resistance and enter short with stops place above the intersection of both trendlines. Target would be 26-25 price area
If it continues higher, you could enter long and exit out at 35 region but be ready to then enter short with stops placed above the main trendline at around 37. Target would be the 30-29 price area.
For more information please sign up to my developing website which is due to be released soon: www.ejfxtrading.com
My thoughts are that oil will rise momentarily to either where the two trend lines meet = scenario 1 or will push higher to the upper trendline = scenario 2.
I think it would be wise to wait for price to rise slightly and then enter shorts once the above is obeyed. Oil is in need of a deep correction and I suspect early this week we will see this.
For scenario 1, wait for price to bounce of the trendline resistance and enter short with stops place above the intersection of both trendlines. Target would be 26-25 price area
If it continues higher, you could enter long and exit out at 35 region but be ready to then enter short with stops placed above the main trendline at around 37. Target would be the 30-29 price area.
For more information please sign up to my developing website which is due to be released soon: www.ejfxtrading.com