Looks like we will start hearing positive news from the OPEC meeting tomorrow. If my chart is correct, oil should re-visit 50s once again and it is perfectly shortable from there.
I target the April minimum of 35.20 as it is a base for an eventual Head&Shoulders pattern which is still being formed.
Also, catching a 10% ride up, is also a good idea as the stops are quite tight (around 2%) and the potential reward is good! I will long on opening with a target around 50.
If works, it should be a really-really profitable idea with very tight SLs and possible 40% of income!!
Trade ist aktiv
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Longed 45.20, moved to breakeven now. Looks like today and tomorrow will be highly volatile
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Oil keeps running. We just let it run =)
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I don´t think the H&S pattern is valid any longer as, probaly, right shoulder will be bigger than a head =)
However, it doesn´t cancel the short entry idea: my expected price for going short is 52.65. I also attach a Gasoline futures chart which I use as a proxy for oil. It is quite quite nice!
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I still keep that long from 45.20 because I made an alternative model where we can see 54 before a retrace. It is posted here:
Huge credit to menyuken for his idea!
Oil is fighting with 50 now but I believe the resistance level will hold and we will see more up during next week
Watching for the rejection and retest of the 51, then great short opportunity. Otherwise I can see this testing the 1.272 at almost 55.
captain_smollett
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@htgroup1, I think 55 is maybe too high. If they get to 55, they may try to close the gap on 56. Just not sure if after that they will want to have a ride down to 35 and then up to 61 again!