Oil is an an uptrend right now.
Hence, we can see 3 long positions on the chart.
Trade 1 is the riskiest trade of the three. It runs up to resistance on the daily chart.
Trade 2 is a moderate risk trade at perhaps a better entry price.
Trade 3 is the safest long and is about 1.4/1 R/R.
(T.P.) Take Profit = $54.13 (except trade 3 which would be $53.21).
Price is currently in a good BUY zone, this area has previously been used as strong resistance which has now turned into support, so i am expecting bulls to step back in and push price higher from here. If you do take a trade from this you can keep a tight stop loss because if price did break such a strong support then it has the potential to fall some way.
- A very decent buy opportunity on the bounce of the 50 EMA.
-Price is was acting as support of the EMA which indicates that there is still strong bullish momentum.
-The 23.6% fib level also adds another confluence that price will have a strong move to the upside.
-Another confluence is the supply turned demand zone which price has retraced from.
This is a very...
GOLD and OIL both are quite Bullish due to current economic uncertainty.
Buy the dips and keep long term targets to 33, 35, and 40.
Note, any impulsive moves to the downside will be short-lived.
after the past two weeks TVC:USOIL struggling due coronavirus and different problems around the world, we will see TVC:USOIL flying again up to 57 area.
Let me know what do you think about it.