Although the crude oil price has decreased to a level lower than the support convergence zone calculated in last week’s strategy, it is still following the overall trend for the year. Currently, it remains within the upward channel from l1 to t2. This was previously calculated using technical convergence methods and the reinforcement of the US dollar index trend.
Therefore, we will wait for the crude oil price to retest around the bottom area of 71.723 to form a reversal pattern. Once the reversal is confirmed, we can enter the market at this point. The nearest target for the price after the reversal is expected to be around 74.169.
In conclusion, we wish all investors wise and successful investment strategies. Stay tuned for the next update.
