Crude Oil setup to rally to new highs - $USOIL $CL $CL_1 $XOM
Aside from Crypto, I've had the most success in the last decade trading crude based on a combination of technical analysis (classical charting) and trading the news (economic indicators, such as OPEC releases).
Between March - June 2021, Crude oil prices formed a cup and handle that concluded with price reachings its target just above $75. Price then corrected, forming a triangle that turned into a bear trap as sellers sold the breakdown before price rallied back into the consolidation.
From failed moves come fast moves.
Over the last 6 weeks, price has formed an inverted H&S. Having occured after a downside break and failure, this is an immediate buy signal with fast upside price implications. Oil is a fun and scary market to trade because of the volatility and liquidity combined with leverage opportunities.
Be safe,
j
Between March - June 2021, Crude oil prices formed a cup and handle that concluded with price reachings its target just above $75. Price then corrected, forming a triangle that turned into a bear trap as sellers sold the breakdown before price rallied back into the consolidation.
From failed moves come fast moves.
Over the last 6 weeks, price has formed an inverted H&S. Having occured after a downside break and failure, this is an immediate buy signal with fast upside price implications. Oil is a fun and scary market to trade because of the volatility and liquidity combined with leverage opportunities.
Be safe,
j
