*A live market update explaining the US Oil charts and trading opportunities*
This is another “quick read” blog post for you all. I am going to briefly explain my thoughts on the US Oil markets and show you how I am trading it going in to the coming weeks.
If you haven’t read my last 2 blog posts on the US Oil commodity market then you can get to them by clicking on the links below.
Let’s get right in to it and I will show you the current price chart for my favourite 4hr intraday timeframe.
The main reason I have maintained a long position bias on US Oil for the past few weeks is that the intraday trend is so clearly bullish. As you can see on the chart above, the bullish trendline drawn across the higher lows has been respected multiple times and by simply buying the lows, you could have successfully enter good trade positions.
Price has now pulled back in to this trendline and is showing signs of another reversal to the upside with multiple rejection candles forming. This would then be a new higher low and price can then continue on its bullish trend.
Let’s look at the daily timeframe chart again.
The $52 per barrel support zone held strong this year. I mentioned this in my previous technical analysis on US Oil. This has become a good floor for price. Now I am looking to trade the price of Oil back up to that upper bearish trendline where price might form a new daily lower high.
My profit targets are set at $60 per barrel (a nice whole psychological number) and then $60.80 which is at the 0.786 fibonacci retracement level. Depending on how long it takes for price to climb to these levels, the upper bearish trendline might also be there.
The chart above shows my long position trades on US Oil so far. The trendline bounces combined with the fibonacci retracement levels and support zones have produced a number of good entries over the last few weeks.
If you are interested in trading the US Oil commodity markets then you can track this trade live on the TradingView platform by clicking on the link below.
All my technical analysis is done using the TradingView platform. You can get access via the link below.
My preferred broker of choice is IC Markets. Low spreads and trading costs really help long term profitability. A link to their site is below.
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DISCLAIMER: None of the information posted on this site is to be considered investment/financial advice. Trading is high risk and you should only trade with money you can afford to lose.