Buy Oil Below 50, Target: 55
Updated
Waiting for long stops around 49-49.5 to get hit, with initial TP at 38.2 fib near 55 psychological level, and 2nd TP at 61.8 fib. Most likely it will go go ranging here in 50 psychological level for some quite time before rallying soon after being oversold especially with the risk of corona virus spreading being more controlled now compared to 2 months ago.
editorial.fxstreet.com/miscelaneous/Chart2-637169321084063981.jpg
Need to be cautious still though because markets are generally still risk-off now which is fundamentally bearish for oil and a continued slide down to 42 is highly probable.
Daily:
[img]
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Weekly:
[img]
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editorial.fxstreet.com/miscelaneous/Chart2-637169321084063981.jpg
Need to be cautious still though because markets are generally still risk-off now which is fundamentally bearish for oil and a continued slide down to 42 is highly probable.
Daily:
[img]
Weekly:
[img]
Trade closed manually
Locking in gains for now before PMI news later. Might re-enter again next wk.
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