Crude oil is short in early trading and more profitable, waiting
If a person wants to achieve great things, he must constantly expand his boundaries so that he can integrate more with other worldviews. Among them, a person's world view has core components, close components, and loose components. Keep expanding your core content, the stronger your core competitiveness will be.
Crude oil continued to make a big reversal on Friday, and the bulls followed suit. The 78.95 retracement given in the early trading has already made a profit. In the evening, wait patiently for the second retracement and continue to enter the market with more orders. Crude oil operation is recommended to buy at 78.65, risk control 78.25, target 80~80.60, breaking through here will test the last rebound high of 82.60.
Crude oil is bullish for several reasons:
1. Crude oil’s big positive line the day before has broken bearish expectations, and the current short-term trend has reversed to a bullish market.
2. According to my analysis, the market breaking through 78.60 means that the downward trend did not occur as expected, which means that the Z wave 3 decline that was previously thought has added uncertainty. If the bulls break through 82.66 in the near future, it means that the previous period The downtrend is all over, and the bottoming of the shock here can only be an upgrade within the X-wave rebound that started at 70.08.
3. The intraday pressure is 80.60~82.60, and the support is 78.65-78.25.
Traders, if you like this idea or have your own opinion about it, please write in the comments. I will be happy 👩💻
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.