Massive Trend line on the weekly time frame
Break of a trend line on the Daily
50$/Barrel is a very strong support.
MACD divergence on the daily is also a good sign.
Market sentiment is extremely short right now, if I'm big money I am looking for some profit taking.
Oil is attractive as Chinese economy will slowly come back online and airlines will also start activating flight paths again.
Fundamental demand for oil will be increasing soon.
Placing stops under 49$ a barrel, first take profit is around 55$, I do believe 60$/Barrel is too high for a second take profit but definitely worth the risk.
Trade at your own risk.
Break of a trend line on the Daily
50$/Barrel is a very strong support.
MACD divergence on the daily is also a good sign.
Market sentiment is extremely short right now, if I'm big money I am looking for some profit taking.
Oil is attractive as Chinese economy will slowly come back online and airlines will also start activating flight paths again.
Fundamental demand for oil will be increasing soon.
Placing stops under 49$ a barrel, first take profit is around 55$, I do believe 60$/Barrel is too high for a second take profit but definitely worth the risk.
Trade at your own risk.