Looking at CrudeOil, it has been consolidating in a range for a while. While there were two fakeouts on this occassion, the price ultimately went back into the range as highlighted in the box below. With the US Dollar Weakening, I am looking for a breakout to the upside and a retest to confirm a buy order. A descending trendline has been broken already but the break of resistance will fuel the price to go even higher.
Trade active
The price has come down for a retest and I have executed the trade. Looking to hit next zone.Note
In profit and reaching the target of 64.74.Trade closed manually
The price has started ranging and I am therefore closing out of the trade due to uncertainty of this pair. Will update once there is a clearer picture.
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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.