Oil's trying to beat Elon Musk to Mars at the moment!
Regression is very bullish and we smashed through 50.00 on Friday. Friday's point of control sits at 50.20 and the VWAP closed at 50.10...and of course the round 50.00 is quite an important psychological level.
Going into Monday, I'm hoping to catch an entry long somewhere around 50.00 to 50.20. A break of 50.00 would be bearish for me, at least temporarily. Should I take that short, I would be looking for a possible exit right around 49.00 to 49.20 where a whole bunch of historic points of control sit. A break of that level would be really bearish and a reason to hold on to that short of course.
To the upside, I'd just let it run using end of day points of control and/or VWAPs as sensible trailing stops. Overall, I'm bullish for oil, but we'll see if 50.00 can establish itself as a decent bottom for next week.
Regression is very bullish and we smashed through 50.00 on Friday. Friday's point of control sits at 50.20 and the VWAP closed at 50.10...and of course the round 50.00 is quite an important psychological level.
Going into Monday, I'm hoping to catch an entry long somewhere around 50.00 to 50.20. A break of 50.00 would be bearish for me, at least temporarily. Should I take that short, I would be looking for a possible exit right around 49.00 to 49.20 where a whole bunch of historic points of control sit. A break of that level would be really bearish and a reason to hold on to that short of course.
To the upside, I'd just let it run using end of day points of control and/or VWAPs as sensible trailing stops. Overall, I'm bullish for oil, but we'll see if 50.00 can establish itself as a decent bottom for next week.