Amidst droves of hype, and news stories about Iran's contribution to global glut, and panic, oil started rallying (typically, after reaching a sentiment extreme, clearly diagnosed by my mentor, Tim West, in his publication calling the bottom in oil , with a 10 dollar downside risk, but potential for high 40s up).
The technical elements are there, we're approaching the end of the time for this downtrend, which implies a retest of 45.21 in the coming weeks is possible.
Knowing the general trayectory, we can look for signals in the daily and lower timeframes to enter long positions, and scale in, navigating this emerging uptrend until we hit the target on chart (if we ever do).
For the time being I'm long, and looking to add to this trade.
The recent news about Japan mega-dovish stance has been the catalyst for a surge in the bonds and gold , and I think this will transpire into oil and silver as well.
The best strategy is to buy corrections, in this case we have a new potential uptrend signal emerging, right after this new mode has formed. I'll add to longs aggressively once it's confirmed.
I'll wait for the oil chart to align better for longs. It's considerably choppy in lower timeframes.
In from 27.87.