Crude oil is still holding upside bull structure and it didn't even have to pull down into the $56.75 where the impulse started, the bottom of the channel at $57.35 held really well for the bulls to continue and the $57.85 held multiple times for the upside on rotations and wicks which indicates more upside.
The only part that may break up the upside trend is the triple top formation at $58.60, the high probability long would be a break above $58.70 and close, into $59.00 and retrace to the broken high and hold as support. If we get below $57.85 again we may be done with the long side.
Disclaimer: This is for educational purposes only, not recommended as trading advice or investment advice.
The only part that may break up the upside trend is the triple top formation at $58.60, the high probability long would be a break above $58.70 and close, into $59.00 and retrace to the broken high and hold as support. If we get below $57.85 again we may be done with the long side.
Disclaimer: This is for educational purposes only, not recommended as trading advice or investment advice.
Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Free Trading Strategy Webinar: bit.ly/2DVb7Zi