Oil: A Volatile Playground with Measured Long Opportunities
Oil is an adventure for the faint of heart—gaps on openings and sharp moves are all part of this instrument. Perhaps only natural gas is more unpredictable.
Nevertheless, I currently see a decent opportunity to go long, with a fairly tight stop at 65.20—today’s low.
On the hourly chart, the price sits at the 50-period moving average, and from past experience since early January, we’ve repeatedly bounced up from this level.
Thus, I’ll try—my stop is about 1%—with a first target of 68.20 (around 3.75% gain) and a second target at 72.5, nearly 10 to 11% return.