The coronavirus has wreaked havoc on an already battered oil market and OPEC should start to interfere... They are unlikely to allow prices to continue much lower from here... Many reports have come out about an emergency OPEC meeting that is meant to cut ample supplies in an attempt to curb prices upwards... I believe this will have a decent impact on price at least in the near term... After a decent 5 wave structure up the price is starting to slightly correct... I plan on entering a long soon, possibly tomorrow, with a stop just below the most recent low. I have no immediate price target but a safe trade area to take some profits is usually the length of the previous impulse move up...
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Thanks for checking out my idea!
I encourage you to FOLLOW, LIKE and COMMENT!
I am beginning to post my ideas more frequently!
Comment:
Just realized it is also possible that the initial impulsive move up may not be complete! In which case prices will eek out ever so higher from here before a slight correction. Either way, I believe oil will continue higher in the near future...
Comment:
Basically exactly what I said right above is what happened! Not entirely sure if the correction is over but either way crude oil is a buy with a stop at 49.20ish!