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