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Crude Oil 2-Step Pattern On 21 Range Chart
Crude Oil Futures:
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| Crude Oil Stuck In Wedge, 9:30 am |
I’m watching my 21-range and I can see us bouncing off support at 75.50, and now we look to get long above 76.12 for a 2-step pattern with profit targets at 25 (1/2), 45 (1/4), and then reading the tape we will look for the final target at the highs of 76.74
Crude Short on 13 Range Chart
We can also look short, but we need to wait for price to break the lows of the trading range at 75.32.
Short below 32, take profit at 75.05 (1/2), 74.74 (1/4), and then down to 45 for the final ¼ of my trade.
Russell Futures:
Looking for a long above 615.2, and profit targets of 17.5 (1/2), 19.9 (1/4), and the read the tape looking for more profit above the expected final target of 623.8
Looking short below 608.4, with targets of 6.3 (1/2), 2.6 (1/4), and then down to 600, and read the tape around 600 looking for larger sellers to keep this move going and we can hold to look for more profit below 600.
