CRUDE OIL has been on DOWNTREND for several months and past four month's monthly volumes are considerable less and shrinking too.
In monthly timeframe, December has formed bullish hammer and so am expecting a bullish hammer in January also. Looking at the volumes, sellers have dried up and buyers have pulled up prices from 75-70 multiple time now. Since several months downtrend was following the channel and it is likely to exit the channel upwards which will MARK BULL RUN in CRUDE OIL price above 100 USD.
The BLUE ZONE marks the BUYING OPPORTUNITY, NOT RISKING MORE THAN2% OF THE ACCOUNT and the GREEN ZONE another BUY OPPOTUNITY, NOT RISKING MORE THAN 5% OF THE ACCOUNT, WITH STRICT SL 71.9
Pushing prices below the BLACK ZONE will make the crude oil more bearish.
FUNDAMENTALS ARE SUPPORTIVE AS WELL.
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I have updated the wave analysis targets. Kindly check out the chart image link below: first buy entry triggered, already.
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Second Buy Entry Triggered
Trade aktif
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Traders can close any order long positions for now and fresh rally to 86USD from 75.6 USD is high possibility.
Price targets plotted using wave tool on the chart attached below:
Note: Above are my views and please do not rely only this analysis. Please do your own research. The analysis is for educational purposes and can be entertaining.
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Consider squaring up positions accordingly. Wait for Buy opportunity.