Happy Martin Luther King Jr. Day oil traders. He was a great man in American history. Today is a great day to be an oil trader! Looking at the daily chart, it would appear oil has bottomed out on the newer channel I highlighted, and looks to be moving northward again. I entered in at $57.90 on Thursday and sat idle on Friday while things dragged on slowly. I am anticipating a steady climb back to the $62.95 area at the blue line, which seems to be a resistance line. Let’s see how it goes. I also see a possibility of a short gain followed by another decline back down to the $52 area where there is strong support. Trade safe and have a great day!
If you agree or if this has been a help, please click the thumbs up!
If you agree or if this has been a help, please click the thumbs up!
Note
My sincerest apologies... I made a typo. I entered at $58.90 not $57.90. Still looking at or near $62.95 for the goal.
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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.