#Oil buying opportunityHello dear traders and friends, I hope you are all having a great week. Let's take a look at Crude Oil prices, where it appears that the price has formed a support level around $80 to $82 after a 14% bearish move since the top formed in late September.
In the 4-hour timeframe, we can observe that the price has already shifted its bearish market structure to the upside by forming a new high. What's particularly noteworthy is that this high was formed from a higher low, indicating that sellers were unable to push prices any lower despite the prevailing bearish trend.
In the daily timeframe, things become even more interesting as the price has formed a significant bullish engulfing candle that has covered the last four daily candles. This suggests a high potential for upward movement. Additionally, in the 1-hour timeframe, we can see that the price is near a static support area, as indicated on the chart, and coincides with the daily central pivot area. This further supports the possibility of this area acting as a price low.
Apart from the technical aspects, we are also aware of the ongoing tensions in the Middle East between Israel and Hamas. The potential escalation of conflict and involvement of other countries can have a positive impact on oil prices.
Please also take a look at my other posted ideas which I'm sure you are going to like it and share your thoughts and feedback with me. Thank you.
