Crude oil rebounded from the low level on Friday as expected, and the reaction at the key support has shown that the crude oil bulls are trying to start a new upward trend. As for whether it can be fully realized, it depends on whether the 78.05 position can be broken in one fell swoop. Crude oil operation is recommended to buy at 76.15, risk control 75.70, target 77.50~78.05, if it continues to rise, it will open up room for growth.
Crude oil is bullish for several reasons:
1. Crude oil bottomed out and rebounded on Friday, showing a signal of stabilization. As for whether it can go further, it depends on the strength of the upward trend.
2. According to my personal analysis, the current trend is still regarded as an X wave c, provided that Friday's low of 74.80 cannot be broken.
3. The intraday pressure is 77.90~78.60, and the support is 76.10~75.70.
Traders, if you like this idea or have your own opinion about it, please write in the comments. I will be happy 👩💻
