🔸Today let's review the daily chart for crude oil . Recently price action contained within well-defined range trading zone. therefore it's recommended to focus on buying low near range lows.
🔸Strong horizontal support at 67 usd is a great entry point for a swing trade setup for the bulls, short-term expecting more losses, however downside will be capped by the strong S/R zone. Bulls should focus on buying low later, once the pullback is complete near 67 usd.
🔸Overhead resistance set at 81/82 usd, defined by strong horizontal S/R zone previously confirmed with numerous backtests. Therefore, recommended strategy for the bulls: buy low near 67 USD TP 1 is 75 USD TP2 is 80 USD final TP/exit at 82 usd, this is +23% gains (unleveraged). obviously, buy/hold swing trade setup, patience is required and will take more time to hit tp. good luck, traders!
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