The daily chart has spoken! Not really though, but who am I to question a second bounce on the April 2016 trend line? Apparently despite all of the mayhem (and lots of wicks) we seem to have settled for now and I have added some more to my long term oil position.
Longs:
46.738 - TP: When we run out of oil ;)
47.141 - TP: 50.17x
Stop loss down at 46.544
Hidden divergence on the 1D coupled with oversold RSI and a converging MACD are the main factors influencing my decision to double down here.
Furthermore, as the trend began last April, a month that is generally bullish, it would be more than mere coincidence for this to be the start of another summer bull run.
While there are many fundamentals that could prove this idea wrong in the near future, only time will tell if this trade was in fact a bad idea.
For those following this idea, guard your stops and play as you see it, lots of volatility in store for the near future!
Longs:
46.738 - TP: When we run out of oil ;)
47.141 - TP: 50.17x
Stop loss down at 46.544
Hidden divergence on the 1D coupled with oversold RSI and a converging MACD are the main factors influencing my decision to double down here.
Furthermore, as the trend began last April, a month that is generally bullish, it would be more than mere coincidence for this to be the start of another summer bull run.
While there are many fundamentals that could prove this idea wrong in the near future, only time will tell if this trade was in fact a bad idea.
For those following this idea, guard your stops and play as you see it, lots of volatility in store for the near future!
Trade active:
Trend still up. After the much anticipated pullback yesterday this should keep pushing upwards on yet to be confirmed API/EIA draws. Until data proves otherwise this is looking up.
Next target 51.28.
GL all.
Next target 51.28.
GL all.
