We have finally struck the Year Camarilla S4 target. I believe now is the time to get back in long oil to the Year S3 near 55.00 or the 200 DMA, whichever comes first.
Comment:
Oil completely violated seasonality because of this virus and being a slave to the markets and demand expectations. The previous bottom that was near FEB was spot on with the seasonal bottom. We may get a week long rally into the OPEC+ meeting where the next relative top is "supposed" to be.
Trade closed manually:
Year S4 long netted about a 1.00 return, but then stopped out break even the same day on Wednesday oil numbers.
Find the edge.
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Website: www.daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: www.youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: www.paypal.me/mortdiggiddy