Oil Edges Closer To $83 - Key Analysis

Wednesday August 2nd Plan

Tuesday Recap:

Crude Oil had an intraday high of 82.18 and a low of 80.56. The day's range was $1.62, and price continued its progress towards the 83.50 target.

The trade prompt to go long above the 80.50 level served well; however, as always, price action at the daily pivot will validate your perception of how strong the oncoming bullish or bearish bias is. This understanding is also what allows a person to stay in a profitable trade for longer - a necessary skill.