FX.co ★ Trading tips for oil

A rather strong bullish momentum was seen in oil last Friday, which pushed prices up to several resistance levels at once. This opened the way to $83 per barrel.

Looking at this, traders can bet on further price increases, immediately after a brief rebound from Friday's level.

At the time of writing, there is a three-wave (ABC) pattern, in which wave "A" represents the bullish pressure last Friday. Traders can enter the market by buying from the 50% retracement level, with stop-loss set at $76. Exit by taking profit upon breakdown of $83.2

This trading idea is based on the "Price Action" and "Stop hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.