#USOIL long - 31 Dec 2018
Hello All!
The current price action shows us a potential (short term) bottom on crude oil. We can expect the price to test the prior horizontal structure if we can print a double bottom with a higher low. That would activate an intraday/swing buy with a healthy risk to reward. The break of the linear trendline would become an extra confirmation, but as price action trader I always look at the lower timeframe candles for entries.
Good luck!
The current price action shows us a potential (short term) bottom on crude oil. We can expect the price to test the prior horizontal structure if we can print a double bottom with a higher low. That would activate an intraday/swing buy with a healthy risk to reward. The break of the linear trendline would become an extra confirmation, but as price action trader I always look at the lower timeframe candles for entries.
Good luck!
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.