July Crude Oil
I addressed the oil market about a week ago in an article titled “Slippery “. We have now reached a major target in my opinion. This location is the lower end of the daily cloud support and a long term channel line convergence zone. Also of note is the appearance of multi time-frame momentum divergence. It is my belief that the market is ripe for a recovery of some sorts. Holding above +/- 64.60 the contract will have to clear the first overhead inflection point at 65.60. A fortification of this level should set the stage for further gains. I’m not calling for anything extraordinary but a nifty 2.5 dollar rally could play out. Expected risk to reward measures a favorable 5 to 1 . I’d be targeting roughly 67.75 for my exit price. This is the angled pitchfork line which comes in in front of the inner high spike level. I wouldn’t get greedy up here. Please follow along with me in my attempt to stay one step ahead of this and other future markets. Feel free to reach out to me at Walsh Trading to discuss my insights and trade strategies.
312-957-8108