Day Trade Crude Oil 24th May 2021

EMA 8 (yellow line) is above EMA 21 (red line) at 1H. So, the current intraday trend is UP. Price retraced between 50% and 61.8% (yellow fibo lines) and formed a bullish pin bar (green arrow) at 1H that closed above R1 and R2. I'm targeting 65.65. It should break above the purple line but needs to be careful because the price bounced exactly at 61.8% retracement fibo (green fibo lines) during the rally. Let's see how it will go.

Trade active:

Looking good so far but now has reached a cluster of resistance area (blue box). This might take a while to break.

Trade closed: target reached: