The crude oil price forecast will provide precise entries and exits for the setups I use when I trade. This doesn’t mean I am taking these trades but they are valid setups for the way I trade. I currently do not trade crude oil futures.
You can view the post that this video follows along with at:
Since the high of over $63, the price of oil has gone pretty much straight down to where it is currently sitting at around the mid $52 level.
So what is in store next for it? Will the downturn continue or will oil eventually find some support?
A couple of weeks ago I wrote about the crude oil price that you can view here: The big gap was filled which was created from the attacks by Iran on the Saudi oil fields. In that post, I mentioned how the disruption was only temporary to the global supply so the big move up would be short-lived and in my opinion, you should be selling rather than buying.
Oil is in an interesting spot at the moment. After the Saudi oil fields were attacked by Iran last month I was pounding my fists on the table to be sellers from the huge spike up.
Now that the gap has been filled and the past month has been pretty much straight down, the price of oil finds itself in an interesting scenario.
We are currently in a long setup and also a short setup.
For the oil bulls, they have the fact that the downward trend-line was broken and that the former resistance is now being used as support that the price has bounced off of.
For the bears, we are in a short setup. Also, in the long setup there is much more room to go down before the next entry gets hit (if that happens).
So with all of that hedging I am doing, I am simply waiting on the side and seeing which way the next big move crude oil takes off to.
If it makes a big move higher then I will be calling for the short trade that is currently live.
If oil makes a big move lower then I will be calling for the long trade that is currently live.
So right now I am waiting for the oil market to move either direction and then I’ll make my call if I would recommend being buyers or sellers.
You could get in either way right now but in my opinion, I would wait for the move to take place and then get in the opposite way.
That is how I trade.