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.