Waiting for a rebound to go short.
Updated
In the early Asian session, US oil traded near $77.20 per barrel. On Tuesday, crude oil plummeted more than 4%, affected by Chairman Powell's speech exacerbating concerns about interest rate hikes and a stronger dollar. Powell stated to lawmakers on Tuesday that the Fed may need to raise interest rates more than expected to respond to strong recent data, which led to a downturn in most financial markets. Today, shorting is favored in crude oil. Strategy suggestion: Sell crude oil near $78.3-$78.5 with a stop loss at $79.2 and a target near $76. I will also give an alert once it reaches the target.
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The market has not provided any opportunities, and we are currently maintaining a wait-and-see approach.
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