Current events with Russia has pushed oil prices up.
I took the trade around the start of Feb after seeing a sustained breakout from the upper resistance of the triangle. Projected profit target based on the width at the opening of the triangle just happened to line up with the previous ATH resistance level.
Took it at the time as energy stocks were back in favour (even before war broke out). Took it as a swing trade but is now fast approaching a key resistance level (see weekly chart).
Overlaying the fixed vol profile from 2017 to now to get a picture of where the high price node levels were.
There is a potential resistance around the 30.70 - 31.16 high node before reaching the ATH levels.
I anticipate that if the current war continues for another week or so, there will be enough momentum for the price to push through the historical ATH levels. Currently ST and LT EMA's are both bullish. ADX on the weekly is trending up (trend strength increasing).
If this happens, will be looking to move up my stop loss to around the 30.0 level to lock in profits.
تعليق
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Broke above historical ATH and closed above it today forming a doji. It is over stretch on the daily time frame Bolinger Band. Expect some profit taking tomorrow and price to fall. Observe to see if stay above the prev ATH level which is now acting as support.
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Closed above the previous ATH support on Fri 4th Mar-22 on strong volume. Anticipate previous ATH will act as a strong support as long as the war continues in Ukraine.
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Lots of profit taking today, price still well above the historical ATH, closed around 32.98.
Could see further profit taking tomorrow and gap made from 32.01 to 32.98 might be filled in the next couple of days.
oil sitting around the $111 level resistance. I think oil price will float around here for a while before deciding if it falls or moves higher.
jazziej
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@RogueCleaner, I agree! watching that previous ATH support on WPL - should hold as long as current oil prices hold their current price.
RogueCleaner
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@jazziej, im holding WPL, STO and BPT while oil is strong. USD is weak against all commodities.
jazziej
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@RogueCleaner, very nice! all 3 are doing well! are you locking in some profits?
RogueCleaner
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@jazziej, nah bro. Im going to let it run. Im not a short term trader.
RogueCleaner
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lovely chart. so simple and easy to understand.
jazziej
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@RogueCleaner, Thank you! I've been trying experimenting a lot with different trading styles and indicators. I'm discovering using volumes as an easier and less complicated way of viewing what the big guys are doing. Going to give it a try for the next few months.