Hey Traders,
I'm still holding bullish oil positions through the week until we reach the previous highs.
Just an update on price action.
- Price broke decisively gaping up above 46.23 resistance.
- I expect a retracement to 46.23 horizontal support which is also 50 EMA support.
- Once price retraces to the above mentioned levels I would expect a bounce and trend continuation to test the
$51 highs.
Trade Thoughts:
- Depending on the price action at 46.23 support I might compound the position (add more to my LONG pos.).
Happy Trading,
Cheers
=)
I'm still holding bullish oil positions through the week until we reach the previous highs.
Just an update on price action.
- Price broke decisively gaping up above 46.23 resistance.
- I expect a retracement to 46.23 horizontal support which is also 50 EMA support.
- Once price retraces to the above mentioned levels I would expect a bounce and trend continuation to test the
$51 highs.
Trade Thoughts:
- Depending on the price action at 46.23 support I might compound the position (add more to my LONG pos.).
Happy Trading,
Cheers
=)