Riding Crude Oil once again.
Updated
As i successfully mentioned in my previous article on 2017-02-15 Crude Oil is on an ascending channel which is creating a rising triangle with the strong resistance that exists at 54,50$-55$ level.
Once again after this previous artivle mentioned Crude Oil rallied until 53,74$ area and then came down to test the 200MA.
Technically we can see some signs of fatigue as Crude Oil failed to touch previous highs but it's still moving into it's ascending channel.
As we can also see there is good correlation signs with Stochastic RSI.
Taking into consideration the enlargement of the O.P.E.C deal and the geopolitical tensions which are in favor of the Crude Oil's price we can enter this nice profit/loss ratio long trade.
TECHNICALLY
FIRST TARGET T1 AT 53,00$
SECOND TARGET T2 AT 54,30$
STOP LOSS AT 47$ LEVEL UNDER 1)PREVIOUS LOWS-2)200MA-3)TREND LINE 4)lOWER BBAND
HAPPY TRADING GUYS!!
Once again after this previous artivle mentioned Crude Oil rallied until 53,74$ area and then came down to test the 200MA.
Technically we can see some signs of fatigue as Crude Oil failed to touch previous highs but it's still moving into it's ascending channel.
As we can also see there is good correlation signs with Stochastic RSI.
Taking into consideration the enlargement of the O.P.E.C deal and the geopolitical tensions which are in favor of the Crude Oil's price we can enter this nice profit/loss ratio long trade.
TECHNICALLY
FIRST TARGET T1 AT 53,00$
SECOND TARGET T2 AT 54,30$
STOP LOSS AT 47$ LEVEL UNDER 1)PREVIOUS LOWS-2)200MA-3)TREND LINE 4)lOWER BBAND
HAPPY TRADING GUYS!!
Trade active
Nice drop on crude oil storage more than expected will help reach our target.Trade active
Trade closed: stop reached
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