Oil Technical Analysis Counter Trend Trade Using Monthly Pivots From 42.30 to 48.22
Oil prices bounced nicely at 42.30 (monthly profit zone for bears), bears took profit and bulls looked to get in and this is currently happening. I have looked for oportunities to go long on the H&S on the H4, which worked out great and now i am going to be looking to add a position using tlower time frame charts.
A reversal is evident on oil and price has already started to move up
On this chart i want to enter on the role reversal at 44.45 taking it all the way up to MPP but one should be cautious as we are nearing the weekly profit target for bulls. Right now i have a buy limit in place and would like it to trigger as price is coming down according to the H1 stochastics
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.