Crude Oil broke through support during the overnight session with a strong push down. Now would be an excellent time to book profits and move stops lower.
I've added some new targets marked by the cyan horizontal lines. The next target @ 46.09 is the confluence of the red, lower Bollinger Band and the yellow Bollinger Band. The red BB is our standard one with the period set to 21. The yellow BB is a new one I added last night which is based on a longer period of 50. I added this after watching a video with John Bollinger where he said that interesting patterns emerge when you have multiple BBs set to different time periods.
All this being said, crude is getting very oversold sold so their may be a pullback either now, the last hour before the market opens, or when the market actually does open. In any case, know your own tolerance for risk and trade your plan!
I've added some new targets marked by the cyan horizontal lines. The next target @ 46.09 is the confluence of the red, lower Bollinger Band and the yellow Bollinger Band. The red BB is our standard one with the period set to 21. The yellow BB is a new one I added last night which is based on a longer period of 50. I added this after watching a video with John Bollinger where he said that interesting patterns emerge when you have multiple BBs set to different time periods.
All this being said, crude is getting very oversold sold so their may be a pullback either now, the last hour before the market opens, or when the market actually does open. In any case, know your own tolerance for risk and trade your plan!
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