Please refer to my "Oil - Possible Sideways Range" chart as I believe that although prices have breached the top, that we may see another run back near the bottom of the range.
48-48.6 level may initially see strength but if the next couple of EIA reports are bearish I believe that the glut madness will recycle in the coming months and that our current 50.X level will be seen as a cap.
I am recommending a short entry at 50.60 with TP1 at 48.6 where I recommend taking partial profits. I am advising to re-short those positions at 49.5 and take final profits at 46.05; where I will likely re-enter long.
Sell/Short Entry: 50.60 (Active)
SL: 51.6
TP1: 48.60
TP2: 46.05
Good trading all!
I will likely start staggering my sideways model right below the daily 20 MA at 49.18:
www.tradingview.com/...ible-Sideways-Range/
48-48.6 level may initially see strength but if the next couple of EIA reports are bearish I believe that the glut madness will recycle in the coming months and that our current 50.X level will be seen as a cap.
I am recommending a short entry at 50.60 with TP1 at 48.6 where I recommend taking partial profits. I am advising to re-short those positions at 49.5 and take final profits at 46.05; where I will likely re-enter long.
Sell/Short Entry: 50.60 (Active)
SL: 51.6
TP1: 48.60
TP2: 46.05
Good trading all!
I will likely start staggering my sideways model right below the daily 20 MA at 49.18:
www.tradingview.com/...ible-Sideways-Range/
Trade active:
This short trade is active
Trade closed: stop reached:
Well, that ended before it started, stop hit. Back to the drawing board.