The crude oil price last week followed exactly the analysis from the previous week. However, there have been some changes in the code of price. The price trend formed a rare downward pattern a-b-c-d-e and ended at b.
According to the calculations using the Technical Convergence method, the price trend this week tends to recover to the resistance convergence zone 78.5 – 79. However this is only a recovery phase, so the price trend is expected to move sideways and slightly increase.
To optimize the profit generation, we will prioritize short term closing strategies. Meanwhile, reducing volume when entering the market is an appropriate risk management method to use in this phase.
Wishing all investors a smart and effective investment strategy!. And stay tuned for the next crude oil price update.
By. Pham Thanh Bien
