CLQ2024 Long
Light Crude Oil Futures are showing signs of a potential bullish reversal. The price has bounced off a support level around $81.80 and is forming a higher low. The trend indicators show a mixed picture with shorter-term (50 and 100 bars) trending up, while longer-term (150 and 200 bars) are still down. This suggests a possible trend change. The entry is placed at the current price, with the stop loss below the recent low. The profit target is set at the next significant resistance level (trend line). The risk-reward ratio is favorable at 1:2. However, the score is 6/10 due to the conflicting longer-term downtrend and the proximity to overhead resistance. Traders should be cautious of potential resistance at the descending trend line around $83.74.
Risk/trade: 1%
Risk/portfolio: 10%
Risk/portfolio: 10%
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