From a technical point of view, July WTI is driving above the monthly 38% at $115.66. This is a bullish signal and suggests that a retest of $120.00 is imminent. If we do continue to rally, there is one level I will be watching closely:
May’s High, $119.98
Here's the trade:
1) Buy $120.01
2) Initial Stop Loss 8-12 ticks
3) Initial Profit Target 8-12 ticks
4) 1:1 risk vs reward ratio
The $120.00 area is going to be hot — if price begins to reverse from this point, exit your longs and move on to the next setup!
May’s High, $119.98
Here's the trade:
1) Buy $120.01
2) Initial Stop Loss 8-12 ticks
3) Initial Profit Target 8-12 ticks
4) 1:1 risk vs reward ratio
The $120.00 area is going to be hot — if price begins to reverse from this point, exit your longs and move on to the next setup!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.