Crude oil had reached the psychological level of $70, and that might become a potential crash test for the rally: should the level be rejected, it may trigger a liquidation of the upside move, as this level is considered as a fair price according to the supply and demand equilibrium.
Technically, the price is located at a higher band of Bollinger Bands, according to the daily chart, and the potential turning point might happen if the price tries to break the level and fails: that would draw a classical “bullish trap”, as displayed on the chart.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Technically, the price is located at a higher band of Bollinger Bands, according to the daily chart, and the potential turning point might happen if the price tries to break the level and fails: that would draw a classical “bullish trap”, as displayed on the chart.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.