Getting this chart up for a long entry at $45.41, based on the 50% retracement holding at $44.68. Based on the prior scorching downtrend, really wanted to make sure that this held first.
*My fib retracement tool is reversed to show extension levels*
Take profit: $49.33
Stop loss: $43.75
Floor trader pivot gave support on S1 at around $42.50-$43. Someone pointed out to me that the larger month-based floor trader pivot has S1 marked at right about $45, creating multiple support levels across multiple time frames (always the best trades to take).
I am always starting on the macro 1w and 1d charts before drilling down into the 4hr, 1hr, 30min charts. Oversold conditions for a while now, and some other qualitative factors make this a viable short-term long entry.
*My fib retracement tool is reversed to show extension levels*
Take profit: $49.33
Stop loss: $43.75
Floor trader pivot gave support on S1 at around $42.50-$43. Someone pointed out to me that the larger month-based floor trader pivot has S1 marked at right about $45, creating multiple support levels across multiple time frames (always the best trades to take).
I am always starting on the macro 1w and 1d charts before drilling down into the 4hr, 1hr, 30min charts. Oversold conditions for a while now, and some other qualitative factors make this a viable short-term long entry.
Nota
December Monthly S1 Level for Reference
Dagangan ditutup: sasaran tercapai
Adjusting take profit to 48.65 because that is today's (Friday 1/4) daily pivot R2 level. We have substantially moved around 80-90% through the entire weekly ATR range, which is factoring in the 10% day that occurred earlier in the week. Several volatility metrics make me want to take at first level instead of second.Total return is $3.14 per barrel, or $3,140 per each CL contract.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.