Oil – Commodity (CFD) Swing Trade Analysis – Daily Chart

April 28 3:13 GMT

The following is a commodity market commentary based on technical analysis for the Crude Oil.  It is based off of a daily chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.  This is trade is likely to be a week or longer in duration.

Oil has formed a flag formation.  This is often a continuation pattern.

An upside breakout will offer a profit target of $70-72

A downside break, which is less likely with this formation, would offer a profit target of  $35.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
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