Crude Oil... Long for now, maybe short soon after?
Oil has been getting smacked sense the 29th of Aug. losing nearly 17%. It is time for a bounce. Today we are getting a nice reaction at the major trendline that started back in Oct. of 2020. Not only is there an important trendline to consider, but we also have a descending channel that is also coming into play. This channel is also very important as it contains all price action since the invasion of Ukraine.
As we move on into the channel we see a smaller channel, a key range to recapture, and multiple golden pockets. The small channel, I feel, is self-explanatory. The key range to recapture is a price range that has influenced the price sense Nov. 2021, we must break above this range to make this a valid long trade. Finally, I use GPs to help me determine where prices will go. The GP nearest to the current price will be my first take profit target and possible short opt. The second and third GPs are simply two more major Tp targets. The top GP will not only be a great Tp but it will also be a amazing spot to get short on oil.
Good luck!
As we move on into the channel we see a smaller channel, a key range to recapture, and multiple golden pockets. The small channel, I feel, is self-explanatory. The key range to recapture is a price range that has influenced the price sense Nov. 2021, we must break above this range to make this a valid long trade. Finally, I use GPs to help me determine where prices will go. The GP nearest to the current price will be my first take profit target and possible short opt. The second and third GPs are simply two more major Tp targets. The top GP will not only be a great Tp but it will also be a amazing spot to get short on oil.
Good luck!