Crude Oil - What's Next? - 3/31/2016

31 mar 2016

We warned earlier that it is not the time to get long crude at 42. We were able to capture good move from long side and got rid of all long positions on the test of 41 ( you can check that previous trade in link ). Then we took a small short at 42 and first target of 38 has been reached. And now waiting for 36 as next target, with 34.50 is final target. At 34.50 we will switch again and going to get long against 34 support. No complexities about fundamental analysis regarding rig count and making sense of inventory data is needed if you are able to see the technical picture clearly !
Finally, trade is to get long near 34. That's it.