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06.03.2023 05:22 PM
Trading tips for oil

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A rather strong bullish momentum was seen in oil last Friday, which pushed prices up to several resistance levels at once. This opened the way to $83 per barrel.

Looking at this, traders can bet on further price increases, immediately after a brief rebound from Friday's level.

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At the time of writing, there is a three-wave (ABC) pattern, in which wave "A" represents the bullish pressure last Friday. Traders can enter the market by buying from the 50% retracement level, with stop-loss set at $76. Exit by taking profit upon breakdown of $83.2

This trading idea is based on the "Price Action" and "Stop hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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