Crude Oil appears to be setting up for another run up in a continuation of its rally since the fourth quarter route of last year.
A Minor Pivot Stack is in place, but the price will need to confirm strength on a move through yesterday's high first.
Then the Pivot Stack should provide a much more convincing support level.
Go long if the price trades through...
Crude has another Minor Pivot Stack setup, but this time it is above the current price. Hence, this is an indication of a short trade with resistance from the Stack.
With a good probability setup like this, go short on confirmed weakness through 51.26. Place a stop loss at 53.69 and the profit target at 48.15.
Trade the March 2019 contract, symbol CLH2019, on...
There is a Minor Pivot Stack in place that is looking quite supportive of Crude Oil.
The market has rallied nicely to these levels and still looks strong despite the recent bearish trend.
With a potential profit target at 59.06 this makes for a good risk reward trade.
Go long if the price rallies through 53.35 and place a stop loss at 50.48.