Every trader has a moment studying where you come across 'the trend being your friend'. Sometimes its good to be different and take risks, well controlled risks. That is what trading is about right?
Oil has been falling since early last year and possibly will continue till fundamentals are good especially with the current supply in the market and geopolitical situations. Today the Egyptian government expanded the Suez Canal and is looking to increase the traffic. Anyways back to the technical stuff:
44.20 is proving to be a key area of support in this falling market. I am going long on a bullish candle close and some sort of turn on the RSI upwards, supposing it holds supports within this trend channel. I don't aim too high with my targets as my primary focus as a trader is consistent profits and minimizing losses.
Stop Loss are going to be outside the trend channel at 44.05. Remember I am only going long when there is a sign of a rebound as for now I am watching
IF it continues to fall and breaks through the channel:
I will short this market and aim for 43.00 whilst placing SL just above 44.84