JICPT| Daily bullish setup of crude oil($70-$71)
Hello everyone. This daily bullish setup is mainly based on solid demand zone.
On the daily chart, I observed the zone is pretty nice with a big bullish candle as leg-out, which created a higher high. In addition, moving average lines are coming towards the zone to serve as a holder.
On the news side, it's a bit mixed picture with good economic data, e.g. retail sales, amid spread of delta variant. I think the focus is more on the inventory data that released every Wednesday. This weeks data is far below estimation that trigger the formation of the bullish leg-out candle mentioned above.
In a nutshell, this is a simple setup that could worked well. What do you think?
Give me a like if you're with me. Have a nice weekend.
On the daily chart, I observed the zone is pretty nice with a big bullish candle as leg-out, which created a higher high. In addition, moving average lines are coming towards the zone to serve as a holder.
On the news side, it's a bit mixed picture with good economic data, e.g. retail sales, amid spread of delta variant. I think the focus is more on the inventory data that released every Wednesday. This weeks data is far below estimation that trigger the formation of the bullish leg-out candle mentioned above.
In a nutshell, this is a simple setup that could worked well. What do you think?
Give me a like if you're with me. Have a nice weekend.
Comment:
After the sell-off on Monday, price rebounded from my zone.
Comment:
Crude oil took over the recent high level.
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