Crude oil is looking double sided, potential drop or bounce of support. Next week will be interested how it will pan out. Will support hold up? Will oil dump?
The one day uptrend has been broken since the last high has been broken through and so far a little down trend has formed and it looks like Friday could have been a pull back to continue the 5th wave of this down trend.
Watch on Monday, sell if oil breaks through support. And buy if the potential upside forms, buy.
If it begins to break through support, we sell with a stop loss at around 80 for a decent stop loss and around 80.6 for a looser one. The target is minimum of 78.
If it starts bouncing off, we buy and set stop loss for around 79.1 (a lot of risk for bullish side) and target is 81 and higher if we continue to move the stop loss up.
THIS IS NOT FINANCIAL ADVICE JUST PRACTICE...
The one day uptrend has been broken since the last high has been broken through and so far a little down trend has formed and it looks like Friday could have been a pull back to continue the 5th wave of this down trend.
Watch on Monday, sell if oil breaks through support. And buy if the potential upside forms, buy.
If it begins to break through support, we sell with a stop loss at around 80 for a decent stop loss and around 80.6 for a looser one. The target is minimum of 78.
If it starts bouncing off, we buy and set stop loss for around 79.1 (a lot of risk for bullish side) and target is 81 and higher if we continue to move the stop loss up.
THIS IS NOT FINANCIAL ADVICE JUST PRACTICE...