OIL DOUBLE BOTTOM LONG IDEAPRICE CAME DOWN AND RETESTED THE MAJOR SUPPORT TREND LINE AND THE 0.618 (43.00) FIB LEVEL.
PRICE SHOULD BOUNCE BACK.
ENTER WITH A BUY STOP JUST BELOW THE 43.60 PRICE LEVEL.
STOP LOSS JUST BELOW THE 0.618 FIB LEVEL AND THE MAJOR SUPPORT TREND LINE.
PROFIT TARGET IS 46.70 PRICE LEVEL.
STOCHASTIC/RSI IS GOING BELOW THE 20 LEVEL.
Oilcrude
OIL BEARISH TRIANGLEPRICE WILL BOUNCE BACK FROM THE 45.60 LEVEL AND WILL CONTINUE TO RETEST THE 46.72 LEVEL.
PRICE WILL FALL AT THE 46.72 LEVEL OR THE 45.40 LEVEL.
ENTER TRADE WHEN PRICE BREAKS THE TREND LINE AND FALLS BELOW 45.30 LEVEL.
STOP LOSS SHOULD BE NO MORE THAN 10 PIPS FOR EACH TRADE.
PROFIT TARGET IS 44.30 AREA.
OIL - Breakdown / Analysis / Entry Plan + ForecastA breakdown of OIL with potential scenarios for both the up and downside.
The blue box indicates the criteria for entry with 4/5 requirements needing to be met before entry, this method cuts losses and gives a clear structured way to enter trades that can be back-tested.
Good luck!
Will Putin's Intervention Rally Oil? Watch 46.00 For CluesAccording to a new Bloomberg interview Mr Putin is pushing for OPEC and Iran to halt oil supply in order to rally prices above $50 a barrel.
The measure of success will be a close above $46.00 as it was breakout above this level that previously took oil above $50.00.
Given the nature of oil any major exporter announcing they want to cut supply should provoke a short term rally and 46.00 is in view given Friday's close failed to break the 61.80% fib level.
A sell trade is still on the cards with price failing to close above 44.64 where we have prior structure so now it's a matter of waiting for exhausted candles at this level or if we see a spike upwards from Mr Putin's words.