Here we can see Crude oil is trending in a upwards channel, putting in a higher high and a higher lows with increasing volume signaling strength in the market. It seems to me we are just now completing a pull back back to the R/S we broke from the previous rally, now we find ourselves at the 200 week MA and right at support which makes this a very good low risk high reward trade.
Opening a trade at $53 dollars with a stop loss at $49 and a target of around $80 doesn't sound too bad in my book.
This all seems to me like crude is getting ready to go on a big bull run so opening a position here and leaving it for the long term does not seem like a bad idea. If we break $80 i see no reason why we would come back to $50 until the next bear market.
Let me know what you guys think about this and good luck on all your trades!
Opening a trade at $53 dollars with a stop loss at $49 and a target of around $80 doesn't sound too bad in my book.
This all seems to me like crude is getting ready to go on a big bull run so opening a position here and leaving it for the long term does not seem like a bad idea. If we break $80 i see no reason why we would come back to $50 until the next bear market.
Let me know what you guys think about this and good luck on all your trades!