The rise in Oil stockpiles brought the value of Oil lower continuing its decline over the past couple of days. With the overall trend however being up it’s an opportunity to get in this and buy oil.
Read about the Trend/Wave/Extreme system here
Oil (4-Hour) Buy
- A strong up trend line formation
- Trend (long term) indicators are pointing up for both the 4-Hour and Daily timeframe
- Wave (short term) indicators for 4-H and Daily point down being consistent with the trend under 1-H (a shorter timeframe)
- Extreme indicators under 4-Hour point oversold while neutral under 1-Hour and daily
- Support was found and bounce occurred after the 38.2% Fibonacci retracement level
Note: If you are buying the oil make sure you set your Stop Losses and keep an eye for the crude oil inventories that are due later today. Their outcome if it shows an increase could bring the value of oil much lower
Read about the Trend/Wave/Extreme system here.