Categories: Technical Analysis

Buying dips in Oil

Oil has been on a down run for quite some time and now for the first time we can see some bullish signs. On the H4 chart the down trend line has been breached along with the most recent resistance level, and furthermore Convergence formed on the MACD histogram which is another bullish hint. The plan for the commodity is pretty straightforward – buy dips with double move correction.

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Technical Overview:
W1 – 20+ candles ride on the Bollinger Bands

H4 – Down trend line broken, resistance zone around 46.50 also broken, bullish convergence on MACD historgram

Entry:
H1 – Wait for double wave correction as shown in the screenshot and look to go long. Keep in mind the pair might first reach 49.00 before going for the deeper retrace that we need. So please be patient and wait for clear and obvious moves before entering a trade.
Target 1: 52.00
Target 2: 53.00
Stop Loss: below 46.50

Video Explanation

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.