Brent crude: Buying into the storm

Any trade you take in oil right now is probably going to make you a quick win or loss.

Oil has easily been the most volatile market this week - it's pretty obvious why
1) Hurricanes in the US disrupting supply
2) War in the Middle East

For us, the trend is higher since breaking through $76 / bbl. And the latest fractal forming a higher low helped confirm this idea.

This uptrend has not been properly established with 2 higher highs, which offers bigger possible upside but also a greater chance of never getting going.

You can see the price is trapped between the 50 SMA and 200 SMA.

We see a chance for a favourable 2:1 risk reward by trading the pullback from yesterday's bullish engulfing candlestick up to this week's high around 81.50.

What do you think? Please share your ideas in a comment