Oil Long Idea, Intermarket potential capital Inflow?Hello Traders,
Today we will share with you guys the TVC:UKOIL as it seems to show upwards pressure again towards $57 and may breaking resistance zone. It currently flirts with significant intra-day support level.
Supported by a significant intermarket sign, which points a potential inflow of capital very soon! This may underline this setup.
Our intermarket analysis always helps us time our trades better. We see a good timing of a potential long trade as it seems to hit outflow lows currently. Our measurement is currently the ratio of oil vs. the FX_IDC:USDCAD , oil vs. Indices and oil vs. the TVC:TNX . Our inter-markets indication gave good accuracy in the past for timing our trades at price relevant levels.
We will be entering our first small long call at $55.35 to head to $56.95. If we get price confirmation of bullish movement, we might buy on pullback in lower timeframe. We will keep you updated.
Risk/Reward: ~3.0
Notice if the market closes 4-hourly below $55 this setup will be diminished.
As always, trading is a probability game nobody is 100% right and always use a stop-loss when trading. Trade with care.
Cheers,
Secrets2Trade
