Last week, crude oil price exceeded the threshold of l1, requiring us to adjust the code of price. The old white L1 at 67.9 remains incomplete and has transitioned from Million – dollars – pattern ( the smaller t1- l1) to an a-b-c wave structure.
Looking closely at the current price range, the price is nearing the end of the decline wave l1. However, we will wait for the price to recover to the resistance convergence zone around 69.0 before continuing to follow the downtrend.
As mentioned, since the price is approaching the end of the decline wave, we need to closely monitor this zone to be ready to buy at the start of a new wave.
Discipline and management principles are a solid shield that protects us from the challenges and difficulties of the market.
Wishing investors smart and effective investment strategies! And stay tuned for the next crude oil price updates.
By. Pham Thanh Bien
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