Crude Oil: Possible Buy Opportunity from the Support Zone
The weekly chart looks good for buyers. The main reason is, the price is at the support level, and we have a reversal candlestick pattern. RSI confirmed the price reversal. The market has room for upward movement.
We have a possible buy opportunity. We can use the weekly chart to open long positions or use lower timeframes. If we use the lower charts, it will be good to wait for a pullback and buy based on the reversals. Stop orders for all buy trades must be placed below the weekly low.
If the price continues falling, the next support will be at 50.00, and it will be interesting for buying as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We have a possible buy opportunity. We can use the weekly chart to open long positions or use lower timeframes. If we use the lower charts, it will be good to wait for a pullback and buy based on the reversals. Stop orders for all buy trades must be placed below the weekly low.
If the price continues falling, the next support will be at 50.00, and it will be interesting for buying as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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