Crude oil has initiated an upward trend after forming support at the bottom. However, considering the 4-hour chart, the overall trend for crude oil remains bearish. This week, it is crucial to monitor whether $73 will experience a valid breakthrough.
In the short term, attention is focused on the resistance at $73. If a valid breakthrough occurs, it is advisable to follow the trend and go long, with the target set at $74.5-$75.
On the downside, support is noted at $71.5. If the $73 resistance proves effective, attempting a short position is suggested. Downside targets include $72-$71.5, and holding the position can be continued if there is a sustained downward breakthrough.
For those interested in trading, consider going short near $73 with a small position. Trading plan: USOIL sell @ 72.8-73, SL: 73.5, TP: 72-71.5.
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Crude oil has exceeded $73, and you need to start following the trend and go long