Last week, crude oil price moved in line with our analysis from the previous week.
After peaking around the 72.5 level, prices followed a downward trend, sliding to the strong support convergence zone around 65.5.
Based on this data and calculations using the Technical Convergence method, we will wait for prices to retrace to the 69.0 convergence zone. At that point, we will continue to follow the trend, aiming for point C or L1.
Since the downtrend remains dominant, we will wait for prices to rise to the 72.5 resistance zone before continuing along the trend towards 67.0 and ultimately targeting the larger L1.
Wishing all investors smart and effective strategies. Stay tuned for the next crude oil price updates.
By Pham Thanh Bien
