Yes, Oil has had an impressive move up. However, price is coming into an area that sold off pretty hard the last time it was here. Can price cut right through? Absolutely. Respect the market. (It still won't respect you, but just respect it. You'll be less likely to get burned.)
Use caution when trading Oil this week as things will likely be choppy. Personally, I would like to see Oil correct back down to 54-53 before jumping in Long. Price may not ever get back there for a while. If Oil sells off and begins to show signs of strength, I will consider entering Long before 54-53. For now, I hold a neutral to short bias.
Be well and make some money, will ya?
; )
Use caution when trading Oil this week as things will likely be choppy. Personally, I would like to see Oil correct back down to 54-53 before jumping in Long. Price may not ever get back there for a while. If Oil sells off and begins to show signs of strength, I will consider entering Long before 54-53. For now, I hold a neutral to short bias.
Be well and make some money, will ya?
; )
Note
vOILa! Get it?! Dad joke... Price came right into highlighted area and is now making its way down to find demand before running up again. I am planning to publish a new idea with possible buying opportunities for Oil ; ) Check them out!
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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.
***If you feel like you've learned something and would like to learn even more, please sign up and support me as a patron at my Patreon page located at Patreon.com/SimpleRenkoTrading***
Thank you for your support!
Thank you for your support!
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.