pull back to recent structure in down trend, potential trend line confirmation of the third touch, and a 618 fib level.. trend continuation trade to higher time frame targets. .. can take some profits off the table if it gets back to the recent low and leave the rest to ride down to take profit moving stop to break even
Oil is currently trading around $65, which seems to be a major support and resistance.
A break above means we would see $67.24 and possible retrace to $65.10 and further climbs higher if support is found.
If $65.10 doesn't hold as support then $63-$60 seems to be possible.
News matters! Currently there's a problem with the transport of oil, so prices are likely...
As we failed to make any new highs after forming the head and shoulder... bias remains bearish but we also failed to break 54.50 and in our last move upwards found resistance at 55.50 which had been previous support.
obvious head and shoulders formed looking for test of 55 before the rest of the bearish movement is executed.
Following this Price will start looking for its next support, which could be 52.30 - 50.80.
If strong enough support is found we could return back up to make new highs.
If not we have a trip all the way down to 44... possibly.
Not Financial Advice.
since my last trade on oil, price has finally broken out of the range and is making clear bullish momentum so we now know that we are in an uptrend. all we need to do now is wait for price to retrace/pullback, scale down to the 1hr timeframe and wait for the momentum shift to the upside. one thing to be aware of is that when price retraces towards a previous...
here is a trade I took about not to long ago. as you can see price was moving in a typical uptrend there was an opportunity catch a great move, once I entered price was pretty choppy however I stayed patient and I'm up 12.5%.
- stay patient
- wait for quality trades
- be logical and realistic when doing analysis
- trade with the long term trend/momentum