Day Trading Course – Managed Accounts, Oil on a run

Day Trading Course – Managed Accounts, Oil on a run

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.

OilEntryDailyCrude

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!

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