My previous crude oil long worked out well on the recent pump, and is retracing as expected. I believe we will see a continued fall into the red parallel line. This will be only the second time the crude price has hit this anchor line of this parallel channel. The odds of a bounce reaction are high. There are levels slightly lower that also have me interested such as the GP and green support zone. Along with the TA we can also see that the momentum oscillators are diverging bullish at the time of writing.
I plan to go long at the red line, possibly add if we hit GP.
Good luck y'all.
I plan to go long at the red line, possibly add if we hit GP.
Good luck y'all.
Comment:
This trade idea failed to the long side but offered up a nice short play off of the retest of the green zone.