US Oil - Key Support. Buy Rally...?
Updated
Nothing in trading is a certainty, but there are times, when given the circumstances, there are things that have high probability.
Though the weekly chart is down, the Day chart is on an up trend since Feb 2015. Oil looks like it is in a Key support range (blue zone) and my thought will be to buy when there is a clear signal of reversal. to retest the high of 54.00.
There is also the 38.2% Fib within the Key Support zone, so I will look at around that area for signs of possible reversal. Good luck everyone!
Though the weekly chart is down, the Day chart is on an up trend since Feb 2015. Oil looks like it is in a Key support range (blue zone) and my thought will be to buy when there is a clear signal of reversal. to retest the high of 54.00.
There is also the 38.2% Fib within the Key Support zone, so I will look at around that area for signs of possible reversal. Good luck everyone!
Trade active
Long @ 51.675S/L @ 50.674
T/P @ 54.00
Note
Oil has stalled just a bit at local S/R. Just to be safe, closed out 1/2 at 52.085 (+41). Letting the other half run. B/E set.Trade closed manually
There is a big "tail" on the 4hr and 1hr candle. The last 1/2 portion has been closed at 53.060 for a very nice +138.5 pips of profit.
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.