Oil setup analysis - Catch up profits on a bullish run.
Hi guys. Here are my thoughts for oil prices :
- Crude Oil has experienced substantial cuts from the major production countries and is on a bull run since December 26th, 2018.
There is a strong resistance at 57.000 and prices are on a pullback and consolidation daily.
- Likely support levels would be 55.500, 55.350 and 55.250.
- 3 attempts would be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
Feel free to comment or give ideas.
Succesful trading!
- Crude Oil has experienced substantial cuts from the major production countries and is on a bull run since December 26th, 2018.
There is a strong resistance at 57.000 and prices are on a pullback and consolidation daily.
- Likely support levels would be 55.500, 55.350 and 55.250.
- 3 attempts would be the maximum.
- 10 pips of stop loss with a spread of 5 pips giving a total of 15 pips stop.
Feel free to comment or give ideas.
Succesful trading!