Current price at US$124.12
Unrealised gain: US$54
Place a GTC stop at US$119
Initial target level at US$128
1 pt represents US$100
My indicator has continued to signal buy today, nobody is bullish on oil, except me. Indeed we see oil price a strong support formed at US$122 level, and oil price spikes up US$2 to US$124.
Crude oil rose more than $1 a barrel after the dollar dropped against the euro on signs that the European Central Bank may raise interest rates to curb inflation.
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