The Crude Oil trade has done very well. Three days ago it hit our third support level and then bounced off it. Price moved down too fast so it needed to equalize.
Since Oil is in a pull back mode, we are tightening our stop. We have moved our stop to the first support level which is now our first resistance level (90.66). Our entry was 92.90 and worst case, we will get stopped out at 90.66.
Let’s let the price action tell us what to do. We are trying to get to the 82.89/80.77 support levels.
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