From a technical point of view, July WTI is driving above the monthly 38% at $115.66. This is a bullish signal and suggests that a retest of $120.00 is imminent. If we do continue to rally, there is one level I will be watching closely:
May’s High, $119.98
Here's the trade:
1) Buy $120.01
2) Initial Stop Loss 8-12 ticks
3) Initial Profit Target 8-12 ticks
4) 1:1 risk vs reward ratio
The $120.00 area is going to be hot — if price begins to reverse from this point, exit your longs and move on to the next setup!
May’s High, $119.98
Here's the trade:
1) Buy $120.01
2) Initial Stop Loss 8-12 ticks
3) Initial Profit Target 8-12 ticks
4) 1:1 risk vs reward ratio
The $120.00 area is going to be hot — if price begins to reverse from this point, exit your longs and move on to the next setup!