Oil not so clear yet but still save
Oil chart leaves still some open questions for a couple of possibilities presently, yet my target of approx. $42 is still o.k. for me, but I'm going to sell at US $40 near the first RENKO barrier for safety reasons. After that level, we enter a spread of zones, which will develop a high frequency and a wider spread of price fluctuations and therefore I want to stay out of an extended oil trade until getting an idea of a very probable turning point for a correction. The turning point could come around $42 as well as around $45/$46 where RENKO shows heavy resistance zones. To be too adventurous around this time could chop all the good profits gained !
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.