As you can see price is sitting at good support and has had its 3rd bounce off a well respected trend line... so we are going long.
Run out and fill your cars up now if you don't want to be ripped off ;p maybe take a few tankers and fill them up also so you can sell fuel at a premium price when prices do rocket ( don't do this as I'm sure there is laws against...
Oil is due for retracement if 52 price level is heavily supported with a hammer candlestick close today. A retracement back to the 56 level is very likely possible. A sell limit at 56.7 is a good trend continuation trade.
CRUDE OIL: OUTLOOK AMIDST TRADE WAR AND OPEC MEETING
Taking a look into crude ahead of the weekly inventory report.
Amidst the Trade-War, Crude appears to have held firm on its support at the 57.00 benchmark, taking a full retracement from the 61.8% fibo.
We are expecting to see a further decline in price towards $55.00/Bar. As oversupply and trade war...
Yesterday we had a hammer closing candle. Oil might be gathering bullish momentum depending on today's closing candle. A bullish candle will show us that price is heading back to 61.5 level. Watching today closely! Watch 61.5 level closely, a sell limit over there is a trend continuation trade and will highly work for you. Trade with the tide and not against the tide.
Prices at 61.8 Fibo on weekly, touching ancient support zones, now resistance.
Opec+ member Russia now admiting some production rise by June.
Price targeting previous consolidation zone, with an acceptable R/R = 2.
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"