Fundamentally Oil remains bullish.Right now it sits in the strong support of 55.8.A morning star has formed in the 4hr chart.55.8 is just below 61.8 fibbo level.
Even though it formed a double top i expect it to retract to at least 58.If it goes higher then a move to 60 will be close.
Entry 55.9
SL 55.2
TP1 57.5 if it fails to break 58
TP2 60 if it breaks 58
R/R seems good
Even though it formed a double top i expect it to retract to at least 58.If it goes higher then a move to 60 will be close.
Entry 55.9
SL 55.2
TP1 57.5 if it fails to break 58
TP2 60 if it breaks 58
R/R seems good
Trade active
Waiting for the spike most likely reaching 58 will be difficult.If it breaks 57 i will move stop loss to entry.Note
57 resistance going to be testedTrade closed manually
Trade closed manually at 56.5
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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.