Oil Weekly Inflection Zone - Intra Week Update

I'll be looking for a double play in oil this week. Oil's breakout has possibly created short/mid-term strong support at the 43.33 level. Following Friday's close I believe prices could test the 45.92 level I've been waiting for early next week. However, I think there's a good chance prices will be due for a small pullback following a test of the 45.92 level which may coincide with a touch off of the upper trend line; so I am currently long and I'll be shorting from TP1 down to TP2. The long trade is active already (based on previous posts)

Trade: Active
TP1: 45.8 (Enter a short position here; I expect prices to test 45.92)
TP2: 44.2

Please enter stops based on your own risk tolerance. Good trading to all!

Commento:

Target 1 Reached

Trade chiuso: stop raggiunto:

Unfortunately, this trade is closed as my upper stop was reached at 46.5; I do believe we'll see prices retrace to probably 44.9 soon where we'll likely enter another long trade.