USOIL movement into the OPEC meeting + entries/targets

As I said, I believe consolidation above the ML of the blue frame is very important, as it shows signs of healthy continuation up. I believe the near term target is there at the crossing of orange MLH and blue 0.5. A decent drop afterwards retesting the ML, resetting indicators and preparing for a big OPEC impulse candle up.

The trade would be:
Riskier: Enter now, and hold all the way through to OPEC.
Safer: Wait for the OPEC meeting day for the entry.

Buy would be: 50.20 (July) with a target of 55.40. SL on your own discretion, risk management and trading style.

This is my view for the next few trading days.

Trade on your own risk,

Nick

Commentaire:

We have reached my long target before the OPEC meeting of 51.34 (51.41 was today's top, very close). Now I expect a healthy correction into the meeting, before the big impulse (of course, if it happens) ; ) You have to take API and EIA into account this week though. If it's a strong draw, price might break the MS frame and go above the crossing. Will update in that case further.

Nick