USOIL movement into the OPEC meeting + entries/targets

19 May 2017

As I said, I believe consolidation above the ML of the blue frame is very important, as it shows signs of healthy continuation up. I believe the near term target is there at the crossing of orange MLH and blue 0.5. A decent drop afterwards retesting the ML, resetting indicators and preparing for a big OPEC impulse candle up.

The trade would be:
Riskier: Enter now, and hold all the way through to OPEC.
Safer: Wait for the OPEC meeting day for the entry.

Buy would be: 50.20 (July) with a target of 55.40. SL on your own discretion, risk management and trading style.

This is my view for the next few trading days.

Trade on your own risk,

Nick

22 May 2017

Not

We have reached my long target before the OPEC meeting of 51.34 (51.41 was today's top, very close). Now I expect a healthy correction into the meeting, before the big impulse (of course, if it happens) ; ) You have to take API and EIA into account this week though. If it's a strong draw, price might break the MS frame and go above the crossing. Will update in that case further.

Nick