Crude OIL longs have held, next stop back above $58.50!
Crude oil manages to come back to a key support level and rotates well. The $57.90-58.05 area held really well and the long extended wicks on the candles suggest a strong buy sentiment is protecting the upside.
The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level.
The support we identified also comes into confluence with the volume profile edge support for the month of November.
Price needs to stay above $58.00 should the longs hold this level, below $57.85 this trade is losing steam, we have no seen a candle close under that level to end the week.
The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level.
The support we identified also comes into confluence with the volume profile edge support for the month of November.
Price needs to stay above $58.00 should the longs hold this level, below $57.85 this trade is losing steam, we have no seen a candle close under that level to end the week.
Nota
Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
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Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
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.