Crude Oil 1D 29.09.2024After hitting ATH in March 2022 crude oil tested the level of $65 many times creating it a support level. Within the years the level of 65 was respected and either the price was above or below it for a longer time period.
The price is testing this level again while the tension in the Middle East escalates.
In the meantime, the price bounced back from the sharpest orange downtrend line.
There is also a green downward trend line which has 3 touchpoints and already last for the year.
I am discarding the dashed downwards trendline as the top of it was during the start of the pandemic and prices were escalated.
Long entry:
When the trade will cross the orange trend line and close on the daily timeline above while at the same time being above $65 I will enter to the trade.
TP: TP will set on the 100% or the purple Fibonacci retracement or if it will reach the green downtrend line
SL: Will observe the trade of it is dropping below $65 if it will drop $62 I will close the trade OR if the weekly candle will close below $65 I will close the trade immediately.
Short entry:
If the weekly price will drop under the level of the $65 then I will open short position and analyse it further.
