Looking back at last week, we can see that crude oil price have been trading sideways between two zones: the resistance convergence zone at 78.5 and the support convergence zone at 75.5.
The consolidation and accumulation of momentum in the price movement predict a strong upcoming growth. This prediction is further reinforced when we consider the trend of the US dollar index.
Therefore, we will prioritize waiting for buying opportunities. Wait for the crude oil price to recover towards the support convergence zone at 75.5, and then be prepared for a strong market growth.
Stay tuned for more detailed updates next week. Wishing investors insightful and successful investment deals.
By. Pham Thanh Bien
