Oil - Be ready for a long? Or will it stay below that 200 day MA

15 mai 2017

I am currently long oil - however, it seems like she got to the 200 day MA and can't quite get the strength to close above it. If she does close above the 200 day MA (red line) it'll likely be above the 50 day MA as well and I will maintain my buying positions. If it closes above the 200 day MA and can stay there for a couple of trading sessions I'll open an additional position as well. The MACD made a cross up - the RSI looks good at having moved above the 50 level - The stochastic looks like it wants to embed.. But caution is advised and entry should be postponed for the next few sessions at least. This action is based very loosely on OPEC "victory" and could just as easily slip up come the end of the month.

If she can't seem to get up the muster to get above the 200 day MA - I may consider closing the long and opening a short (pending MACD and RSI confirmation)

Right now I have my SL set at 47.