An interesting setup in crude oil with a tight stop at $65.75 and the first target in the $70–71 range.
It’s a bounce play. I'm usually not a big fan of these, but here I like the tight stop, the broader macro context, the sharp drop from the $76 level, and the subsequent consolidation around $66.5.
Let’s see how it plays out — I’ve entered long!
It’s a bounce play. I'm usually not a big fan of these, but here I like the tight stop, the broader macro context, the sharp drop from the $76 level, and the subsequent consolidation around $66.5.
Let’s see how it plays out — I’ve entered long!
Note
There is movement, but it’s so slow. Maybe we’re gearing up for a breakout, maybe not. Why guess?We move the stop to breakeven or a small profit — just enough to feel good — and then we sit back and watch how things unfold.
I still believe there’s a high chance of an acceleration to the upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.