Strong Bullish Signal:
The uptrend with oil is going on. Moreover, the growth was supported by the increased volume, so we may state that institutional players are still pushing the price up.
Volume Zones:
We need to allocated an important level of resistance 61.30, which contains an increased volume. However, the price is still located near it and did not show any sharp reaction.
Sentiment:
This indicator shows that 94% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d30/1912/78/37a15d07a817.png
Consider Long Positions:
Given all these factors, we may reckon a scenario of the breakout of the resistance, which will allow us to open long positions. The rise must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 200 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The uptrend with oil is going on. Moreover, the growth was supported by the increased volume, so we may state that institutional players are still pushing the price up.
Volume Zones:
We need to allocated an important level of resistance 61.30, which contains an increased volume. However, the price is still located near it and did not show any sharp reaction.
Sentiment:
This indicator shows that 94% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://d.radikal.ru/d30/1912/78/37a15d07a817.png
Consider Long Positions:
Given all these factors, we may reckon a scenario of the breakout of the resistance, which will allow us to open long positions. The rise must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 200 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
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