OIL is currently on a daily supportive trendline, presenting an opportunity to open long positions. However, it would be safest for bulls to wait for a break and retest of the key zone marked on the chart. A stop loss can be placed a few pips below the supportive trendline, with a first target at the previous high. Traders should use proper risk management and only open positions if the trade is valid in accordance with their strategy.
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Best of luck traders!
Be sure to follow me for more ideas and analyses. Leave a like and a comment with your thoughts below, all input is appreciated.
Best of luck traders!