Crude Oil - Launch Pad
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 $43.25 - Depending on the reaction to this level, I'll sell or hold. Could be a short squeeze coming.
Further, the MACD is crossing right at the zero line which indicates bullish momentum.
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 $43.25 - Depending on the reaction to this level, I'll sell or hold. Could be a short squeeze coming.
Further, the MACD is crossing right at the zero line which indicates bullish momentum.
Trade active
Added on the dip today+1 @ $39.42
Trade active
-1 @ $40.37Not sure if I posted it but, I had previously bought 1 contract on 7/21 at around $42 (still holding). My broker however, is showing my cost basis for my current position is still $39.42
This recent day trade for about $500 profit successfully hedged my loss from $42. Now my cost basis for the 1 contract I'm still holding should be roughly $40.50
Trade closed manually
Sold here. -1 @ $43.125
Note
Total profit on this trade with both contracts$1,237.50
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.