Potential Swing Trade For BUlls
We have seen oil moving down for quite some time now and we may have reached a level where bears might start cashing out and bulls are also watching this level because it is a level of support (MM1, 42.30). I am going to be looking for an opportunity to counter trend trade oil back up to MPP (48.22)
This chart shows us that we have been making lower lows and lower highs but since we have reached the monthly target for bears this could change and thats what i am going to be waiting for. One could also assume the a reversal pattern will could form down here and then wait for confirmation to go long. If i do not get a reversal pattern like a higher high or a head shoulder with a right shoulder completing then i will not be entering a trade on oil.
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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.