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Kendrick_Chan

Crude Oil | July contract continues to look bullish

Long
Crude Oil Futures (Jul 2020) (NYMEX:CLN2020)  
Kendrick_Chan  
NYMEX:CLN2020   Crude Oil Futures (Jul 2020)
Double Top or Bottom Trend Lines rsidivergence buildup pullback priceaction
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doubletoporbottom trendline rsidivergence buildup pullback priceaction
  • the trend change of crude oil started at 29 Apil, signaled by RSI divergence or RSI failure swing
  • the second green arrow indicates the second long position, which was the buildup of a to-be breaking double bottom
  • an ascending trendline was then formed, which is never broken
  • the price then broke out, half of the profits was taken at the red arrow, by expecting a pullback
  • the third green arrows indicates the re-entry at the consolidation area
  • as the last trading day of June contract is approaching, July contract will be a better trade
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