CRUDE OIL Overview

Jan 11, 2019

1. Latest bullish bull is supported by the fundamentals.
2. I was expecting a deeper correction at 52.34 before the new bullish wave. However, it was limited with 70 pips.
3. Although RSI is overbought On the H4 chart, there is still room upside in the daily chart.
4. 54.60-54.80 is one of the key historical levels.
5. The pullbacks seem to be limited by the levels: 52.34 and 51.56.

What can be done?

To Short:
* 53.52 is the top of the session's trading range. You can try short if the price reaches to 53.52 in this H4 Candlestick. Targets will be 53.13 52.93 and 52.73.
* Wait for the H1 closing below 53.13 targets 52.73 52.34 51.56

I will try to use pullback as buying opportunities targeting 54.60

Jan 13, 2019

Trade closed: target reached

We have reached our targets. As we updated on the channel, the second short entry at the pullback reached the target as well. I m out with 250 pips. I will update.