If you’ve been following over the past few weeks, you can see the change in the code of waves for crude oil price. The larger L1 has ended, preparing for a long upward wave.
Look more closely, based on current data, we can clearly see that the main trend is a strong upward movement. So, we’ll wait for opportunities when the price pulls back and aim to buy around the technical support convergence zone near 69.6.
The price is getting close to the downtrend, and two things could happen:
- The price could stop near the trendline, form a peak, and then reverse.
- The price could break through the trendline.
No matter which happens, we have a plan. So, stay calm, don’t rush, and adhere to the rules. That way, we can handle whatever the market throws at us and keep the profits steady.
Wishing all investors smart and effective strategies! Stay tuned for the next crude oil price updates.
By Pham Thanh Bien
