Oil a buying opportunity in the making ?
Updated
Oil made a new high at 76.90 before making a 3 day correction. For oil bulls' who trade on the weekly time frame, oil has just broken a weekly range at 75.29, which certainly bodes more upside for them.
As for day traders who have missed the up move, this retracement could be a buying opportunity to join in the party.
Revelation Trading has identified 2 actionable areas at 74.40 and 72.80 which is of interest to us as our road map.
Should the oil continues with the up-move, it is recommended to review one's trade ideas on Usdcad and Cadjpy since they are somewhat correlated.
As for day traders who have missed the up move, this retracement could be a buying opportunity to join in the party.
Revelation Trading has identified 2 actionable areas at 74.40 and 72.80 which is of interest to us as our road map.
Should the oil continues with the up-move, it is recommended to review one's trade ideas on Usdcad and Cadjpy since they are somewhat correlated.
Trade active
Longed at 74.70Trade closed: stop reached
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.