Happy Martin Luther King Jr. Day oil traders. He was a great man in American history. Today is a great day to be an oil trader! Looking at the daily chart, it would appear oil has bottomed out on the newer channel I highlighted, and looks to be moving northward again. I entered in at $57.90 on Thursday and sat idle on Friday while things dragged on slowly. I am anticipating a steady climb back to the $62.95 area at the blue line, which seems to be a resistance line. Let’s see how it goes. I also see a possibility of a short gain followed by another decline back down to the $52 area where there is strong support. Trade safe and have a great day!
If you agree or if this has been a help, please click the thumbs up!
If you agree or if this has been a help, please click the thumbs up!
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My sincerest apologies... I made a typo. I entered at $58.90 not $57.90. Still looking at or near $62.95 for the goal.