West Texas OilLong
Oil setup analysis - Catching up the December Bull trend
Updated
Hi guys. Here are my thoughts for oil prices :
- Crude Oil is on a bull run since December 26th, 2018. Prices are experiencing a 3rd rotation (Pullback < 20%). The bullish momentum is still present and we might experience a long run continuation at key levels.
There is a strong resistance at 57.000 - 57.500.
- Likely support levels would be 55.500, 55.000.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
Feel free to comment or give ideas.
Succesful trading!
- Crude Oil is on a bull run since December 26th, 2018. Prices are experiencing a 3rd rotation (Pullback < 20%). The bullish momentum is still present and we might experience a long run continuation at key levels.
There is a strong resistance at 57.000 - 57.500.
- Likely support levels would be 55.500, 55.000.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
Feel free to comment or give ideas.
Succesful trading!
Trade active
First Buy Position Failed (Stop Loss triggered).Second Long Position currently active. Limit order @ 55.500, Stop @ 55.250 and target around the resistance area (57.000 - 58.000).
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