Oil testing the triangle support
Oil is trading within a well defined long-term range rectangle between 35 and 80 as it can be seen on the monthly chart. After the brief medium-term triangle upside break above 56, it is again back into the triangle and is testing the support line 52 level.
On a daily chart, we can see a brief false break below the triangle support 52 and an invalidation of that break. Based on this false break you can place a long trade entry with a stop loss below the 52 level targeting 56 and even trailing the profit further upside. In the case, your order is stopped out place a short trade entry with the stop loss above 53 ARMAT trading system is indicating a potential 30 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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