Explanation on chart
Crude oil is still trading above its 50-week MA
Personally I do not trade SPX but this is just an idea
Prices broke above the 50-day simple moving average and a declining trend line in place. Trade wisely
I opened my positions from 1244.
I will go long when gold will close above 1273 on daily chart
Crude Oil target the 200-DMA standing at $41.17.
Note: This just an idea not a trading recommendation.
Oil has formed a lower high and lower low which indicates further downside with $41.00 as the next target. However, any upside will find resistance at yesterday’s high of $45.04.
I opened my short position from 48.55 from 45.55.
Note: This is not a trading advice.