Oil Long - 70 Level

My apologies for the short summary, I will add more later, but here is my view in short.

I believe the run up in oil will continue; potentially on a quick path to 68/69

I am advising a long entry at current price, initially looking for 68.18 and believe that prices will create higher support at the 68.18 level. Targeting 69.37 and 70.56 as profit levels.

Long Entry: 65.49-66.24
TP1: 69.37 (Close half positions at 69.37 - Re-add long positions on pullback to 68.18)
TP2: 70.56 (Close all positions)

Good trading all!

Trade ativo

Comentário:

Yesterday went no-where but... being long that is a better direction than down. This chart shows my current bullish bias maintained; however if prices break below 65.2 again then I am concerned that they will test the 64.6x level.
s3.amazonaws.com/tra...shots/v/v0zUsrck.png

Good trading all!

Comentário:

Did not get the press up to this trade that I was hoping for but I am still looking for prices to move up as; although quicker than I'd hoped, they have found the lower Demand level shown on my last update:
s3.amazonaws.com/tra...shots/s/syhT0BJN.png

Comentário:

Here is a simpler view of the last chart; using high/low pivots. Confusion on the far left is clarified; although there is still Supply/Resistance just overhead we still potentially have strong demand here following a break back above the last two strong breakdown levels at the 64 level. Short term, I am looking for a test of 67.00 and looking for 64.62 Demand/Support.
s3.amazonaws.com/tra...shots/n/NLPMw6wL.png

Comentário:

This H4 view looking left at 2014 side by side with current prices shows the potential for the 64.62 support and 67 test - and my overall view of the 69-70.x targets.

s3.amazonaws.com/tra...shots/r/rTWKbnYR.png

Trade fechado manualmente:

Unfortunately this one sold off at the zone I was looking to overtake; back to the drawing board.

63.43 has been a critical level since Jan/Feb; If prices move back above it short term then I'll go back to this same view and find another long entry; if prices continue down, I'll re-assess for a lower long entry.