Hi there. Here are my thoughts for oil movements :
- Crude Oil is on a bull run since December 26th, 2018. The 3rd rotation (Pullback < 20%) seemed to have failed. Moreover, the bullish momentum is still present and we might experience a long run continuation at key levels. The average daily volume traded is 150K contracts and has been constant since the bull run : Since no significant price action is noticeable, there is a strong consolidation phase. In fact, the daily chart displays a bull flag with a clear support and resistance area. Nonetheless, a break out can still occur.
There is a strong resistance at 57.000 - 57.500. Yesterday March 07, we opened two long positions with one still active (The other hit the stop loss). We are bullish and eager to go long at another test of support.
- Likely support levels would be 55.700, 55.550 and 55.400.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
- If the support Zone is not broken, prices might reach back 57.000 -57.500.
- Since we are in a consolidation phase we might expect a lot of sideways movements unless we break the major Support Zone.
Feel free to comment or give ideas.
Succesful trading!
- Crude Oil is on a bull run since December 26th, 2018. The 3rd rotation (Pullback < 20%) seemed to have failed. Moreover, the bullish momentum is still present and we might experience a long run continuation at key levels. The average daily volume traded is 150K contracts and has been constant since the bull run : Since no significant price action is noticeable, there is a strong consolidation phase. In fact, the daily chart displays a bull flag with a clear support and resistance area. Nonetheless, a break out can still occur.
There is a strong resistance at 57.000 - 57.500. Yesterday March 07, we opened two long positions with one still active (The other hit the stop loss). We are bullish and eager to go long at another test of support.
- Likely support levels would be 55.700, 55.550 and 55.400.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
- If the support Zone is not broken, prices might reach back 57.000 -57.500.
- Since we are in a consolidation phase we might expect a lot of sideways movements unless we break the major Support Zone.
Feel free to comment or give ideas.
Succesful trading!