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Crude Oil Trading Setup

Posted on Aug 11th, 2016

by colibritrader

Crude Oil Trading Setup

Today’s trading sessions was quite mixed. Indices around the world went up while Gold and Silver saw a mixed session. No major surprises on the currencies side.

by: Colibri Trader

The trading setup from last time has gained a bit and given a bit back. In other words- we have not seen much so far. I am still bullish Gold an believe that more buyers will catch up with this move. There is a small rejection on the daily timeframe (small pin bar), but there is no major resistance nearby. That’s why I believe that we might see a small correction back towards the 1334-area and then further gains.

Crude Oil Trading Setup- Today’s trading setup is coming from Crude Oil. I am seeing a bullish engulfing candle on the daily timeframe. I am seeing a very strong buying action supported by a lot of buyers located on the near support level at 40.00. I will be looking to enter into a long trade tomorrow. The area I will be monitoring is 43.00. My stop-loss would be placed just under 41.00. My primary target is the level of 46.00. My secondary target is the level of 52.00.

Happy Trading,

Colibri Trader

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