JICPT|crude oil approaching previous high with target of $114
Hello everyone. I've published an idea regarding the potential target of crude oil from the big picture. I've mentioned it could test $114 with more details in the linked idea below.
Soon after the publish, a new strain of covid-19 came out with the name of Omicron. At the first few days, people only knew that its transmissibility might be high and got no idea of its other features. investors are pretty scared of the new wave and more restricted measures, e.g. lockdowns. That definitely impacted investors' confidence in the future economy. Crude oil took hit by approximately a 26% drop from $85 to $62.
On the weekly chart, I can see that the uptrend was well respected with retest completed.
On the daily, I identified a very nice re-entry level with one of my favorite pattern(rally-base-rally & retest).
After the recent high being taken out, the next trouble level is $100 before it reaching my target of $114.
What do you think? give me a like if you're with me.
Thanks for your support.
Soon after the publish, a new strain of covid-19 came out with the name of Omicron. At the first few days, people only knew that its transmissibility might be high and got no idea of its other features. investors are pretty scared of the new wave and more restricted measures, e.g. lockdowns. That definitely impacted investors' confidence in the future economy. Crude oil took hit by approximately a 26% drop from $85 to $62.
On the weekly chart, I can see that the uptrend was well respected with retest completed.
On the daily, I identified a very nice re-entry level with one of my favorite pattern(rally-base-rally & retest).
After the recent high being taken out, the next trouble level is $100 before it reaching my target of $114.
What do you think? give me a like if you're with me.
Thanks for your support.
plan your trade and trade your plan
