October 4th low - $74.95 >>> October 25 high - $94.65 >>> 15 trading days +25% gain - with today's market uncertainties, political wrangling and resultant price volatility, is this spike sustainable? The pause at $95/bbl is somewhat expected, being a price of consequence clearly dating back to April. In the meantime the next resistance if the upside is broken - is around the $100/bbl mark. The decisive break of the trend line from $87 made a fabulous trade to whatever target you had chosen. A retracement to that trend will be a test to confirm that it has turned into support, or possibly not.
Now is the time to watch where the next energy pulse takes us - what will oil demand do? - traditionally this is the season for oil price to rise - OR - is this direction linked to the final outcome of (if there ever is one?) or the next plan of the plan from Europe - or China's and other sovereign assistance to said Europe - can the globe afford another recession, another contraction in production, is this the orderly deflation that some write about?
If there is one thing that I take from my trading lessons and guidance provided in various trading forums - in a market environment like this - with large price swings and little clear direction/trend (time frame dependent) - picking the best setups, monitoring them closely, and sticking with tight stops and reached targets. Discipline training at its finest. Trading On. Watching and Learning.