Is Crude Oil Coiling for a Breakout?
As the battle between Crude Oil (/CL) bears and bulls continues there has been ample opportunity to profitably trade it so long as you've been flexible to which side of the battle you selected. So if you're a perma bear or a perma bull you've probably been frustrated with the year long range and potential wedge that has been forming.
Since May of 2019 price has made three trips between $52 and $63 but neither the bulls nor the bears have mustered up enough momentum to break out... yet.
We're not in the prediction business and don't really care which way it goes (except of course when we fill up at the gas pump lower is better right?) so we've identified some potential price targets to both the upside and downside when/if oil breaks out of this range.
So traders looking to take advantage of this scenario have had to look at lower time frames like the daily and 4hr chart where there have been very technical moves in both directions all within the 6 month range.
If you've been one of those traders successfully trading crude during 2019 we'd love to hear from you and would especially like to learn what your trade plan for 2020 is.