Friday brought a fresh daily long in crude targeting $61 within the next 9 days. This setup offers a solid 2.5R with a conservative stop, and is supported by a weaker near term outlook in the US$ as well as the recently agreed upon nine-month extension in OPEC/ally production cuts. A larger 13-month uptrend remains active into late next year, but with the intermediate weekly uptrend timer expiring next week I think we could see some profit-taking or a multi-week holding pattern after the $61 level is hit.
Note
Chopfest
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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.