After bottoming down at $42, crude oil has made its way back into the 50s and has been range-bound ever since. When this happens, there usually isn't much to do other than sit on your hands or attempt to play setups within the range.
In the chart above, a 10-day trendline has formed with multiple touchpoints lending to the idea that this was strong support. The price broke through the trendline severely today and is currently racing back up to test it. I believe this broken trenline will now serve as resistance (especially if it tests it right away).
Short crude oil between 52.50 and 52.75
Target: 51.50
Stop: 53.10
In the chart above, a 10-day trendline has formed with multiple touchpoints lending to the idea that this was strong support. The price broke through the trendline severely today and is currently racing back up to test it. I believe this broken trenline will now serve as resistance (especially if it tests it right away).
Short crude oil between 52.50 and 52.75
Target: 51.50
Stop: 53.10
Trade active
The price has reached the sell zone.Trade closed: stop reached
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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.