Oil Reclaims $70 Again - What Now?
Monday May 8th Plan
Friday Recap:
Crude Oil had an intraday high of 71.76 and a low of 68.44. This marks the second bullish day since the bounce at 63.60 on Thursday. Throughout the day, price continued to trend upwards and stopped at our 71.60 resistance level and accumulated here till market close.
The drastic selling last week happened on Tuesday & Wednesday from the 76.05 & 71.60 levels respectively. Oil has essentially now gapped back up to 71.60 to grab this untouched liquidity, which is a good sign.
Trade Plan!
Strong buying above 70.50 (daily pivot), then long to the next resistances:
- 70.90 , 71.60 , 72.70 , 73.25
If below 70.90, I will short to 70.50 AND then the next supports:
- 69.75 , 68.75 , 67.50 , 66.40
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Thanks for making it this far, I hope to write to you again tomorrow.
Voila Trading