Good Morning,
Lets have a mindful trading day - Always start the day with some balance eg (good breakfast-some exercise-some mindful quietness or meditation-balance is key) It is currently lunch-time which means we should all be taking the time to sit down and actually taste our food without thinking of trading :P
Facts - Oil has been in a BEAR TREND since 42.48$
Movements:
1st Wave Down - 42.48$-41.16$
Retrace - 41.16$-42.26$
2nd Wave Down - 42.26$-40.71$
Retrace/Consolidation 40.71$ - 41.62$
Break & Hold Above 41.07 would confirm a leg up to attempt a break out of channel at 41.62$ which would be a reverse trend and start of a bull trend.
If it fails at this level and breaks through 40.71$ it will continue to extend to 39.50$
Objective - Keep an eye on the channel again a break above 41.62$ would be a great long opportunity and a break below 40.71$ would be a great short.
Currently Oil will retrace to 41.07$-41.10$ and make a move to either challenger the upper or lower level of the channel.
Objective 2 Reassess market conditions at either 41.62$ or 40.71$ (Will it consolidate and go up-Will it bounce and continue down-Will it consolidate and continue up) - We really don't know this which is why we close our positions and reassess at these levels.
Keep in touch - Lets win trades together-live a balanced life with much fun and joy! Trading is not the be all and end all but it is a good way for us to make some coin!
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