Even though the chart explains itself, here is a quick explanation.
I'm long in oil since 23-06 and have added once at 21-07 (see yellow stars) and currently have a 1.2% position. I think this uptrend can continue at least until the level where oil has seen a top 4 times before. Price has expanded range on 25-07 from the 6 day mode (cyan line marked "6 day mode (2)). Price might retrace to 50% or 75% of this expansion. The 75% retracement level corresponds with a large 11 week mode (yellow line), where price has found resistance twice before. This price might now act as support, and I will add 0.8% to my position here.
If price closes below the 11 week mode I will sell my position.
I'm long in oil since 23-06 and have added once at 21-07 (see yellow stars) and currently have a 1.2% position. I think this uptrend can continue at least until the level where oil has seen a top 4 times before. Price has expanded range on 25-07 from the 6 day mode (cyan line marked "6 day mode (2)). Price might retrace to 50% or 75% of this expansion. The 75% retracement level corresponds with a large 11 week mode (yellow line), where price has found resistance twice before. This price might now act as support, and I will add 0.8% to my position here.
If price closes below the 11 week mode I will sell my position.
Note
No retracement yet. Waiting on the sideline to add.Note
I added 0.35% here. It looks like there is a mode forming at $48.21. I added a few cents below it. Note
Added 0.6% at the 11 weekly mode. Retracement as expected now complete. Took a bit longer than I expected though.
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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.