With the API and EIA inventories reports rapidly approaching, it looks like energy bulls are happy on the sidelines. In the event that we see a further pullback in October WTI futures, then a long from daily Fibonacci support will come into play.
The trade:
1)Entry: Buy $67.26
2)Stop Loss: $66.99
3) Profit Target: $67.53
4) Risk Vs Return: 1/1
It is anyone’s guess what the inventories reports will bring. However, if given the opportunity, a short-term position from the $67.25 handle is good trade location to the long.
The trade:
1)Entry: Buy $67.26
2)Stop Loss: $66.99
3) Profit Target: $67.53
4) Risk Vs Return: 1/1
It is anyone’s guess what the inventories reports will bring. However, if given the opportunity, a short-term position from the $67.25 handle is good trade location to the long.
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