Crude Oil price are still following the trend of the year and the trend from last week’s update. The correction from T1 to L1 (in the million-dollar-pattern) has been completed, and a new growth wave towards T2 is beginning.
Since crude oil price have almost completed the small T1-L1 initiation phase and are expected to grow strongly in the near future, we should absolutely avoid going against the upward trend. This can be predicted in advance based on technical convergence calculations and the strengthening of the US dollar index trend.
Therefore, we will prioritize the price returning to the convergence zone around 74.1 and consider placing orders here. And always maintain discipline with oneself by properly dividing the volume ratios to manage risks in this volatile financial market.
Finally, I wish all investors will have insightful and successful investment strategies. Stay tuned for the next update.
By. Pham Thanh Bien
