Crude Oil sold off today at first however, traders decisively bid the price back up above the 200 day EMA.
Note: The light blue 50 EMA on this 4hr chart is equivalent to the 200 day EMA
This bullish price action tells me that the 200 day EMA is now the launch pad for traders to take this to the next level up. Most likely that would be the 50 week EMA around...
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Scalp long trade for CL based on strength of RSI indicator. Main trend still down
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Oil has reached .786 of wave X thru some corrective, overlapping structures. I like the opportunity it provides here , using wave X high as risk control. If this is indeed a wave B , a C wave decline should start not far from current levels.
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.