Two Different Trade Options On Crude Oil Futures

Crude Oil Futures:

We’re testing the lows of the day on crude oil, so we have two options:

1. Breaker short with the down trend

2. Take the reversal long against the trend

Sell below 33, with profit targets of 74.05 (1/2) big round number, trend line (1/4), and then hopefully we can get the trend line to break and look for the final target at 73.30.

Just remember to be quick with taking profit if you see momentum curl against you…we don’t want to miss the target by a tick or two.

I can also go long above 67, looking for profit targets of 83 (1/2) but be very careful not to miss the bounce off the trend line, so you may have to move that 1st target down a little to grab the target if the trend line holds.

Second target at 95 (1/4) below the big round number, and then final target up to the next swing high of 75.30 (1/4)

** Don’t forget we have crude oil inventories at 1030am EST!**
 

Short below 76, with a first target of 65 (1/2), 50 (1/4), and then final target all the way down 74.00
 

So we made $1000usd by selling those highs and then buying the lows.

Now with the new lows we are looking for a short trade to continue this move on the 13-range chart below 74.20

Profit targets will be the same as before, 74.05 (1/2), 90 (1/4), and then the trend line as support around 73.40 for the final target (1/4)
 

At this time the best option is to buy the breakout above the wedge, and look for resistance to be your next entry.

626.8 is my overhead resistance, and I want to clear that trend line around that area, so ill get long above 27.3 and profit targets of 29.8 (1/2), 31.0 (1/4), and then all the way up to 26.8 for the final ¼