Self Promotion - Oil

I'm in a good mood this morning because of the four day weekend coming up, and because I was in Pennsylvania yesterday and I scored some really cool fireworks.  So I am going to engage in a bit of self-promotion and talk about the profitable trade in Oil that I just closed out.

As you probably know, I was looking for support in Oil around the $43 level because that was the low in September and November.   Sure enough between June 20th and June 26th that's where it found a bottom and turned.  I waited until the downtrend was broken before entering my trade.  I bought it on the way up and entered my position at the $44 level on June 27th.

Now there is some resistance around the $45.50 level because this level was support from June 7th through June 13th.  Yesterday' high trade was $45.65 and the high trade so far today is $45.41.  So I closed out of my position this morning at the $45.30 level.

Low risk trades can be found if you understand the supply and demand dynamics that are occurring in the market.  This is a much more effective and profitable methodology than listening to the 'Fake Financial News' that the idiots at CNBC reporting.