Trade Background:

Oil has consolidated at new support level at $49.30. Where price traded at support level for over a week. Now price has rebounded not too far from the next resistance level . Look for a potential swing to top side of the trend. This scenario has three key fundamentals to keep in mind being trade war, corona virus, market risk appetite and supply cuts.

Chart

OIL Potential Strong Bullish Swing by EmpowerTrader on TradingView.com

Trade Idea:

Risk/Reward: 1 = 10.67
Entry: 50.00 to 52.50
Stop loss: 48.50
Exit: 63.00 or 66.00

Return = 32%
Risk = 3%

Positioning: Buy
Time frame: Daily
Length of Trade: 2 weeks to 4 weeks

Trade Positioning:

XM Broker: High Speculative Appetite