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CFDs on Crude Oil (WTI)
Long
Updated

OIL LONG: The OPEC comeback

119
May is the month where OPEC and Russia meet once again to discuss an extension of the supply cuts. This creates a bull euphoria in the market, which combined with the technical indicators can make oil rocket to a (minimum) price of $55 (previous DCH). The 10DMA started curving upwards, whereas the RSI has a lot of room to move to the upside. Furthermore, volume started increasing today, which is a good sign of a trend building.
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$52 Incoming
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Very unepexpected. This is quite dangerous, keep your stops tight.
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It bounced off a major trendline. This could be a butterfly on the 1H, but still need confirmation by breaking the 10DMA on 4H.
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snapshot
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Bulls giving it their everything. I am doubling down on my position.
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snapshot
Trade closed manually
BigCharts
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
moneyOiloillongoiltradingprofitstrategywticrude
BigCharts

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.