Oil setup analysis - Catching up December's bull trend
Hi guys (Ladies and Gentlemen). Here are my thoughts for oil prices :
- Crude Oil is on a bull run since December 26th, 2018. Prices are experiencing a 3rd rotation (Pullback < 20%). The bullish momentum is still present and we might experience a long run continuation at key levels.
There is a strong resistance at 57.000 - 57.500. In addition, yesterday March 06 there was a strong rejection (daily chart) at the key support area predicted (55.500 - 55.000). We are still bullish and we are eager to go long at another test.
- Likely support levels would be 55.600, 55.500.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
- If the support area is not broken, prices might reach back 57.000 -57.500.
Feel free to comment or give ideas.
Succesful trading!
- Crude Oil is on a bull run since December 26th, 2018. Prices are experiencing a 3rd rotation (Pullback < 20%). The bullish momentum is still present and we might experience a long run continuation at key levels.
There is a strong resistance at 57.000 - 57.500. In addition, yesterday March 06 there was a strong rejection (daily chart) at the key support area predicted (55.500 - 55.000). We are still bullish and we are eager to go long at another test.
- Likely support levels would be 55.600, 55.500.
- 3 attempts should be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
- If the support area is not broken, prices might reach back 57.000 -57.500.
Feel free to comment or give ideas.
Succesful trading!
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