The politically motivated push to depress oil prices and drain the Strategic Petroleum Reserve created a PRICE LEVEL in the crude oil market which has proven twice to have strong overhead resistance.
The FLIP-SIDE of that SPR DRAIN LEVEL is that SPR-REFILL LEVEL and we are down low enough where it makes sense to strategically refill our lost petroleum reserves.
I strongly advise putting KEY NEWS levels on your charts for future reference so you can use these levels to your advantage.
How much risk do you take on this entry long here?
A good way to assess risk is to use 3 average true ranges (over 11-days or more) to make sure you have a wide-enough stop in any market. If your stop gets hit, you can re-assess and decide to re-enter.
Tim
September 9, 2024 10:25AM EST