Crude Oil is building bullish momentum after touching the 150 day EMA. The complex pullback pattern took longer to materialise, perhaps because an extended accumulation was taking place. At this point, this pair seems to be looking higher, the daily/weekly/monthly charts are showing bullish signs. The monthly bar, if closes at current level or higher, will be printing a Wyckoff's spring. If this long-term bull trend in Crude Oil is still intact, institutionals should pick it up from here. If it fails around this area and the month closes in red, bulls will vacate their holdings and a major trend change can ensue. Trade with care.
Note
$2.3k profit per contract currentlyNote
$3.2k profit per contract currentlyNote
The US session yesterday sold heavily and brought down the price to lower level than 3 days average. If that was a tactical move from the institutionals, bulls should see that lost ticks recovered. Note
US session opened and there was an outside bar on 5M, bullishness picking up. 6914 entry with stops below 6875Trade closed manually
Too bearish
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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.