Oil is about to experience an uptrend

Oil experienced a sharp decline again today, and the EIA data was also unfavorable to oil. Currently, the oil price is close to the support level of 65-63. If this area is breached, the oil price will face the risk of falling to around $50.

As far as the current market situation is concerned, I think this probability is not high. Although we cannot completely rule out this risk, from a technical perspective, if the oil price continues to decline, it will become oversold, and there will be a short-term rebound demand. Therefore, in the trading process, I lean towards going long at lower levels.

If you have enough margin for oil, you can start a small long position now, and take profit at above 70 upon rebound.

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Transaction en cours:

it's back above 70

Commentaire:

The goal is approaching