Last week, the crude oil price continued to retest the support convergence at 76.x. For three consecutive weeks, the price has tested this level and buying pressure has returned each time. This is a good sign that the price is preparing to enter an upward trend after the previous sessions of decline.
After retesting, the price tends to move towards the nearby convergence zone at 80.x, or even higher. However, this upward momentum is merely a recovery within the main downtrend, so we need to reduce the volume when entering the market.
Adhering to investment management principles not only helps you develop good habits but also makes your work more favorable, leading to sustainable profits.
Wishing all investors smart and effective investment strategies. Stay tuned for the next crude oil price updates!
By. Pham Thanh Bien
