Oil Long Setup
Entry: $53.68
TP & RR: $57.65
Stop Loss: $52.57
REASONS FOR THE TRADE
Contrary to most expectations that Oil was overpriced, it continues to trend up. I won't open a long order at the current level, nor would I short obvious strength. However, if price retraces back to previous resistance, which is now support, I am more than happy to buy. I believe we are now in a channel and we are yet to see how we go through the awaited $55-$56 level.
With that being said, we may not get filled at all. Should this be the case, we will be targeting the upper channel with a short order.
Entry: $53.68
TP & RR: $57.65
Stop Loss: $52.57
REASONS FOR THE TRADE
Contrary to most expectations that Oil was overpriced, it continues to trend up. I won't open a long order at the current level, nor would I short obvious strength. However, if price retraces back to previous resistance, which is now support, I am more than happy to buy. I believe we are now in a channel and we are yet to see how we go through the awaited $55-$56 level.
With that being said, we may not get filled at all. Should this be the case, we will be targeting the upper channel with a short order.