Bullish CL Crude Oil Swing Trade
In January of this year, a clear and well-respected swing zone began to form. The bottom of this zone held very strong support yesterday and today, and broke clean through the top of the zone today. I see a good entry in a potentially very high upside trade. There is a resistance zone from ~$70.80-71.80, so my soft target is right below that zone. However, I am not setting a limit order and will wait a day or two as we approach and react to that zone. I want to allow this trade to run and hopefully see new yearly highs.
Reversal daily candle in the resistance zone will be a signal to sell. RSI entering overbought will be one signal to sell.
Entry: $67.59
Stop (break of strong support zone): $65.30
Target (before next zone): $70.49
Reversal daily candle in the resistance zone will be a signal to sell. RSI entering overbought will be one signal to sell.
Entry: $67.59
Stop (break of strong support zone): $65.30
Target (before next zone): $70.49
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