JICPT| Crude oil approaching key level, likely to rebound!
Hello crude oil traders and investors. Days ago, I've published an idea titled 'Where could crude oil go this time from the big picture'. I mentioned $114 is the possible target.
Recently, crude oil fell on the rising covid-19 cases in Europe(Austria partial lockdowns) , and potential release of Japanese oil reserves. The circulated news sparked concern of both oversupply and weak demand.
We've been through this one year ago, right? So familiar. The difference is the high vaccination rate in Europe and US compared to last year. So I'm expecting low hospitalization and death rate compared to last time. As it's a technical analysis, Let's put aside the news and focus on the chart.
Based on the linked idea, I drew red line around key structure around 74.8 that was previous high created in Oct.,2018. Market drop on the shale oil and rising inventories.
Now, crude oil pulled back from $85 with formation of series of bearish red candles on the weekly. This week is crucial for buyers. If weekly candle is small basing or one with long tail, reversal is likely to happen and price may start another rally again.
What do you think? Give me a like if you're with me.
Recently, crude oil fell on the rising covid-19 cases in Europe(Austria partial lockdowns) , and potential release of Japanese oil reserves. The circulated news sparked concern of both oversupply and weak demand.
We've been through this one year ago, right? So familiar. The difference is the high vaccination rate in Europe and US compared to last year. So I'm expecting low hospitalization and death rate compared to last time. As it's a technical analysis, Let's put aside the news and focus on the chart.
Based on the linked idea, I drew red line around key structure around 74.8 that was previous high created in Oct.,2018. Market drop on the shale oil and rising inventories.
Now, crude oil pulled back from $85 with formation of series of bearish red candles on the weekly. This week is crucial for buyers. If weekly candle is small basing or one with long tail, reversal is likely to happen and price may start another rally again.
What do you think? Give me a like if you're with me.
Comment:
Price refused to go lower and bounced back from the black dashed line.
plan your trade and trade your plan
