Good Morning,
Lets have a mindful trading day - Always start the day with some balance eg (good breakfast-some exercise-some mindful quietness or meditation-balance is key) It is currently lunch-time which means we should all be taking the time to sit down and actually taste our food without thinking of trading :P
Facts - Oil has been in a BEAR TREND since 42.48$
Movements:
1st Wave Down - 42.48$-41.16$
Retrace - 41.16$-42.26$
2nd Wave Down - 42.26$-40.71$
Retrace/Consolidation 40.71$ - 41.62$
Break & Hold Above 41.07 would confirm a leg up to attempt a break out of channel at 41.62$ which would be a reverse trend and start of a bull trend.
If it fails at this level and breaks through 40.71$ it will continue to extend to 39.50$
Objective - Keep an eye on the channel again a break above 41.62$ would be a great long opportunity and a break below 40.71$ would be a great short.
Currently Oil will retrace to 41.07$-41.10$ and make a move to either challenger the upper or lower level of the channel.
Objective 2 Reassess market conditions at either 41.62$ or 40.71$ (Will it consolidate and go up-Will it bounce and continue down-Will it consolidate and continue up) - We really don't know this which is why we close our positions and reassess at these levels.
Keep in touch - Lets win trades together-live a balanced life with much fun and joy! Trading is not the be all and end all but it is a good way for us to make some coin!
Please Like & Share!e
Lets have a mindful trading day - Always start the day with some balance eg (good breakfast-some exercise-some mindful quietness or meditation-balance is key) It is currently lunch-time which means we should all be taking the time to sit down and actually taste our food without thinking of trading :P
Facts - Oil has been in a BEAR TREND since 42.48$
Movements:
1st Wave Down - 42.48$-41.16$
Retrace - 41.16$-42.26$
2nd Wave Down - 42.26$-40.71$
Retrace/Consolidation 40.71$ - 41.62$
Break & Hold Above 41.07 would confirm a leg up to attempt a break out of channel at 41.62$ which would be a reverse trend and start of a bull trend.
If it fails at this level and breaks through 40.71$ it will continue to extend to 39.50$
Objective - Keep an eye on the channel again a break above 41.62$ would be a great long opportunity and a break below 40.71$ would be a great short.
Currently Oil will retrace to 41.07$-41.10$ and make a move to either challenger the upper or lower level of the channel.
Objective 2 Reassess market conditions at either 41.62$ or 40.71$ (Will it consolidate and go up-Will it bounce and continue down-Will it consolidate and continue up) - We really don't know this which is why we close our positions and reassess at these levels.
Keep in touch - Lets win trades together-live a balanced life with much fun and joy! Trading is not the be all and end all but it is a good way for us to make some coin!
Please Like & Share!e
Lets look at this trade - Oil broke up into our consolidation channel. This is where it will decide to reverse against the trend and break high or continue the trend and go lower. Right now there is a resistance point of 41.40$ which gives us a little room to play with however RISK is high. I don't typically like playing channels - I enjoy play their breakouts.