OIL Highly Overbought After Clean Breakout

Trade Idea: LONG Breakout Trade

Oil broke the trend channel yesterday along side the S&P500 and other major indexes. This indicate that the strong bearish run that started back in early October of last year, in which price fall by as much as 45%!, could finally bottomed. If this is the case consider the following trade idea. 

Trade Step-Up:

OIL Highly Overbought After Clean Breakout by EmpowerTrader on TradingView.com

Scenario One: Price pullbacks back to parallel support level . Look for long entry at 50.00 

Scenario Two: Price pullbacks back to final support level at the edge of the previous bearish channel trend. Look for long entry between 48.50 to 48.00.

Market Positioning:

XM Broker: Client Oil Positioning

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