Entry @ ~$56.25
Stop @ $52.00; keep moving the stop up with the trend line shown in red. Keep the stop just below the trend line.
The trend line shown in red is key. Stay long as price stays above the trend line. If this line is broken, exit the trade. Expect the price to then test the trend line shown in blue.
in 6 months its been high as 75 and low as 59..which clearly indicates that u can buy the stock for short term to gain 10 to 15 percent profit and then short sell for a month as that we see in the chart as it has made a lower low (ps: yes and do put stop loss) . the demand for the oil will decrease eventually on a longer run but not a lot , as now a days because...
There is a downside potential in both scenarios. Whether we have only ((C)) in the wave 4 or it is the new trend and we are in the ((iv)).
If there will be rise in the waves without a new high above the friday one that may form a set up for a short.
Ofcause watching for the RSX for the confirmation.