Oil turning down for a retrace?
I have marked out what *May* be a level for oil to turn lower for a retrace of this bullish run.
If the rounding top is set, I could see oil easily pushing to 67 for a minimum 50% retracement of the bullish rally.
If the rounding top is broken by a close above 71, 72-75 could be achieved within reason before the next pause in bullish momentum occurs.
Trade safe, trade well.
*This is not trade advice but is instead a method for the archival of my preliminary trade ideas*
If the rounding top is set, I could see oil easily pushing to 67 for a minimum 50% retracement of the bullish rally.
If the rounding top is broken by a close above 71, 72-75 could be achieved within reason before the next pause in bullish momentum occurs.
Trade safe, trade well.
*This is not trade advice but is instead a method for the archival of my preliminary trade ideas*