I posted that crude oil price was trading at an attractive position yesterday and thought that we should monitor closely in order to ride the opportunity to Long crude oil.
I was reading on Yahoo Finance and I was shocked to see the headline "Oil prices near $130 on rate chatter ", wow, it rebounded. I immediately pull out my crude oil data and plot on the technical analysis chart, I saw a Bullish Engulfing formed on the technical analysis.
A bullish engulfing is a candlestick reversal signal suggesting that a rebound is near. Indeed, it rebounded to the $130 today. I think it is an attractive price to start long the oil and I will take profit near the previous high at approx $135.
I am just impressed with the power of technical analysis! Do not simply jump into the market without doing analysis. It is risky that way. Technical analysis is a good method that you must start learning if you like to trade profitability with lower risk!
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
