Fairly uneventful week for oil. Regression is overall still bearish and bulls definitely have to punch through 49.65-50.00 to stand any chance at a longer up move.
The top of Friday's value area is at 49.00, so if price breaks through that level early next week I might enter a long...but I'll also pay close attention to what price does around 49.65 just above. Should 48.50-48.70 break, I'll consider shorting with a first target at 47.65. Will have to watch price action around that level to determine whether to stay in the short or not.
Upside targets are at 52.75-53.30. Again, watch price action around those levels to determine whether you want to hold on to longs or not.
Overall I'm not a huge fan of that 47.65-49.65 range and we're also smack in the middle of it right now...so feels a bit too much like flipping a coin. I'd much rather wait with hopping in until price retests one of those range levels.
The top of Friday's value area is at 49.00, so if price breaks through that level early next week I might enter a long...but I'll also pay close attention to what price does around 49.65 just above. Should 48.50-48.70 break, I'll consider shorting with a first target at 47.65. Will have to watch price action around that level to determine whether to stay in the short or not.
Upside targets are at 52.75-53.30. Again, watch price action around those levels to determine whether you want to hold on to longs or not.
Overall I'm not a huge fan of that 47.65-49.65 range and we're also smack in the middle of it right now...so feels a bit too much like flipping a coin. I'd much rather wait with hopping in until price retests one of those range levels.
