we have the sellers right where we want them on crude oil futures!
if you're a bull on crude right now you may be in a good spot, especially if you got into this reversal pattern from 76.00
for the rest of us playing catch up tonight on the swing trade side of crude oil i love this pattern because we have an easy entry long above 76.57 with a quick target of 76.95 and im out.
no sense in trying to predict the highs at 77.15, so im going to take my money and run, looking to re-enter the market long if the bulls can push it above 77.26.
above 77.26 for this long re-entry will give me a nice profit target of 77.95,78.75, and final target of 79.50 for a well-defined set of overhead resistance to use.
lets not forget the bears may take this thing for a ride back down if volume is light on tuesday, so lets stay open-minded to 75.50, which has been a very sticky level for us in the past 6 months. a lot can happen there.
short entry below 75.50 will have a first target at the lows of the wedge at 75.00 so we have about 35 ticks of profit baked in already.
from there we look good down 75, and final target of 74.35 for another easy set of targets.
we have the lows of the channel at 74.00 so make sure you have a lare portion of your position covered, dont get greedy :)
as always, please remember to bring questions on these to training on wednesday @ 1130am EST
see you in the live trade room @ 745am EST
JJ
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