Long
Tight Squeeze for Some Oil!
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What I see...
+ Consecutive NR7 on lowering vol.
+ Prices broke through a Cup and Handle formation from April; gap up and hit resistance at low-$6 and pulled back towards the rising 10MA and found support
+ 10MA crossed above 50MA last week and continued to support the prices
+ Prices held through last week's earnings
+ MACD has just cross into positive territory
+ RSI is at 59
- Resistance line pushed the price down twice in the past 10 days
- RSI appears to be heading down
How I setup...
+ Long entry above short term resistance line
- Stop under the channel
+ Target is ambitiously set at 2.618 Fib.
:: Duration: 4 to 10 days
What I see...
+ Consecutive NR7 on lowering vol.
+ Prices broke through a Cup and Handle formation from April; gap up and hit resistance at low-$6 and pulled back towards the rising 10MA and found support
+ 10MA crossed above 50MA last week and continued to support the prices
+ Prices held through last week's earnings
+ MACD has just cross into positive territory
+ RSI is at 59
- Resistance line pushed the price down twice in the past 10 days
- RSI appears to be heading down
How I setup...
+ Long entry above short term resistance line
- Stop under the channel
+ Target is ambitiously set at 2.618 Fib.
:: Duration: 4 to 10 days
Trade closed: stop reached
Stop out at 1R loss.
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.