Today was a huge selloff.Price is moving around 70.90 to 71.10 so less momentum look like big player gone. Monday,May 21 will be end date on the M8 contract all buy will get close this week. so shorted. For target 68.30 ,ST 71.90.
After the latest pull back was completed last February, CL has been trading higher on a strong 1D Channel Up (RSI = 60.302, MACD = 1.450, BBP = 1.5420). It is a long term opportunity for a 73.00 target. According to the Pitchfork tool, it has just re-entered the middle channel and the first support (and long entry) is 69.54. 2nd at 67.65 and 3rd (and final) at...
Short Position (EP) : 68.29
Stop Loss (SL) : 68.77
Take Profit (TP) : 65.90
CLM2018 formed Double Repo Sell at 4h time frame. Trade setup with Sell limit at 0.382 level (68.29) and place stop loss after 0.618 level (68.77). Once the position was hit, place take profit before an agreement zone (65.90)
Long Position (EP) : 68.29
Stop Loss (SL) : 68.18
Take Profit (TP) : 68.95
CLM2018 formed Double Repo Buy at 30m time frame. Trade setup with Buy limit at 0.382 level (68.29) and place stop loss after 0.618 level (68.18). Once the position was hit, place take profit before an agreement zone (68.95)
Not a big supporter of this move but resistance is good. Almost into the 1.41 fib time extension so the trade might not even fire off before probability runs out. Attaching a gold chart to this one too in order to see where the commodities are all going.
The price returned back to the higher balance level (65.2) and rebounded off it. We can sell at point of "Sell" - 64.8 with stop at 65.85. But if the price will consolidate near the higher balance level (65.2) we need to close position
This trade location is approaching again and it again could be a great trade. However i am liking the opposite trade more now due to the rising prices in oil. So the short could be a nice fast scalp but the trade I will focus on, as long as oil is seeking higher values, is a long of the bottom of this upper range.