Oil has had a nice break out candle today to the upside, breaking out of the downtrend line from $51.6 to $39.2/barrel. A 61.8% Fibonacci retrace and a downtrend line should act as a strong resistance but oil passed by quite easily. This shows that bullish momentum is very strong. Oil may accelerate fast to the recent high at $51.6/barrel. A retest of the trend line may happen but oil should rebound quickly to the upside. A long position is recommended now. If oil retreats to test trend line, I will add one more contract.
Trade Plan:
Buy 1 lot at $46.5/barrel
Target $51.5/barrel
Stop loss under $44.5 (on a daily close)
If you follow me on the oil trading, you should make a lot of money by now. I have issued a few posts which made excellent profit on trading oil. First it was shorting oil from $50 to $42/barrel which made $8/barrel in profit. Then I recommended buying again from $40-$42 till now. Currently oil is trading at $46.6, that's like $5/barrel in profit. You should make a minimum of $13/barrel in profit total. And that's great. So Stay Tuned Guys !
Trade Plan:
Buy 1 lot at $46.5/barrel
Target $51.5/barrel
Stop loss under $44.5 (on a daily close)
If you follow me on the oil trading, you should make a lot of money by now. I have issued a few posts which made excellent profit on trading oil. First it was shorting oil from $50 to $42/barrel which made $8/barrel in profit. Then I recommended buying again from $40-$42 till now. Currently oil is trading at $46.6, that's like $5/barrel in profit. You should make a minimum of $13/barrel in profit total. And that's great. So Stay Tuned Guys !
Comment:
Oil is at 48.2 now. It's on its way to $49-$50/barrel. Stay Tuned !
Comment:
Took partial profit at $49.2/barrel. I would wait for a pull back to the $45-$46 to buy one more dip. This last trade made profit of $2.7/barrel.
