CL - Crude Oil confirmation and unwritten potential

26 de nov.

Hi guys, we are following up with probably one of our favourite assets to participate in. You guessed it right it's CL. Currently the Crude Oil is sitting in a very specific range , which has been traded since late August , until the end of October where we saw a big spike and got out of boundaries due to the escalation in Iran and Israel, of which after the cooling off we got back into the range of 73.00 as a strong resistance line , and 67.00 as a strong support. This range has made a lot of traders stay away from CL, but I do believe that there is potential to be caught.

Current analysis and entry :

Entry today at a level of 68.90 , with two targets of take profit :

Target 1: 71.52
Target 2: 72.92

Now this is the bold move if you don't want to miss out on the current opportunity and your Risk Tolerance is on the higher end.

If you want to be more protective and your Risk Tolerance is on the lower side, you can get a Pending Order at the level of 66.61 , and then enter 3 follow up targets

Target 1: 68.50
Target 2: 71.05
Target 3: 72.45


P.S. My current opinion is to go with a current entry because the missing out of opportunity is too high ,hence we are seeing more tensions in Israel&Gaza conflict, additionally the tightening of the situation in Ukraine&Russia adds more Fundamental Value, towards a swing on an upside of the Crude Oil.

Do let me know in the comments below or in my community what is your thought process and opinion about our favourite Black Gold!

Happy Trading!