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Crude Oil trading strategy in the next few days

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  • Crude Oil trading strategy in the next few days

    After the bottom of Crude Oil (New York) at 35.22 since 5th of April 2016 started uptrend that continue after the key resistance level of 41.85. The uptrend continues almost 10-days but slowly in the last two days.
    The first resistance level is at 42.40 according to If the Crude Oil price breaks above the resistance level the trend may continue next week. In the last business day of the week there are important event for the energy sector - Baker Hughes US Oil Rig Count. (The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers).
    The date is expecting to release at 17:00 GMT and may show the end of the downward movement or slow down the trend starting from 675 in August 2015 to 354 last week. trading strategy is to trade long positions to the price of 42.40 and after the news release to open short positions. If the Crude Oil breaks above 42.40 keep long positions.