OIL MARKET BREAKDOWN;
Happy Weekend traders I have seen quite a few have profited just from following my simple analysis and nothing makes me more happy than profits!
Oil closed extremely bullish and made it's way to a new weekly high closure...Oil had the push up as expected and even a little further, I did have a short set up but this was never taken as I did not have a confirmed closure.
Lets breakdown (technical) as to why oil pushed higher; Oil ranged for the majority of the week with fake outs to both up and down side but we knew it would really break up. This is due two simple reasons...1) Oil is bullish and 2) It closed above major support with bullish candles showing bears were weak. Oil will continue its rally into $90+ which I stated a while ago now. Oil is over extending dramatically and there is a market gap at 80.40 which I believe will get filled before we start pushing $90+, Once we get the gap fill then I will hold a swing long trade.
Many retailers were sucked into to consolidation zone and traded by shorting the top repeatedly only to get rekt by this move...I stated this was a false double top in my group. We were positioned and aware of what was to come.
I will try not to short oil for the time being due to it's bullish run but a sell off or data could cause a large drop in oil which no doubt will fill the gap and come back up...This is the move I will look for.
The arrows have marked at the scenario which I am looking for...these are really what you should focus on...the zones are;)
Happy Weekend traders I have seen quite a few have profited just from following my simple analysis and nothing makes me more happy than profits!
Oil closed extremely bullish and made it's way to a new weekly high closure...Oil had the push up as expected and even a little further, I did have a short set up but this was never taken as I did not have a confirmed closure.
Lets breakdown (technical) as to why oil pushed higher; Oil ranged for the majority of the week with fake outs to both up and down side but we knew it would really break up. This is due two simple reasons...1) Oil is bullish and 2) It closed above major support with bullish candles showing bears were weak. Oil will continue its rally into $90+ which I stated a while ago now. Oil is over extending dramatically and there is a market gap at 80.40 which I believe will get filled before we start pushing $90+, Once we get the gap fill then I will hold a swing long trade.
Many retailers were sucked into to consolidation zone and traded by shorting the top repeatedly only to get rekt by this move...I stated this was a false double top in my group. We were positioned and aware of what was to come.
I will try not to short oil for the time being due to it's bullish run but a sell off or data could cause a large drop in oil which no doubt will fill the gap and come back up...This is the move I will look for.
The arrows have marked at the scenario which I am looking for...these are really what you should focus on...the zones are;)
