Crude Oil has been on a run the last few days. Following a test of the 50 day MA oil has moved back to the upside on a fantastic run to touch into the 104.00 area.
I took on my long position at 101.50 for a daily / weekly swing trade. If price moves to break the 104.50 area of resistance then we could be looking at oil moving back to test previous highs set a few months back at the 107 and even 110 areas.
Stop is in at a break even position for the moment. I am watching price as we close the week and move into trading early next week. With a move up we could see the test of the 107 area, if resistance holds I will likely take out a good portion of the position or even all of it depending on price action.
Trade what you see, I’ll see you at the starting line!