Looking at the chart, we can observe that an upward channel has been established. Therefore, in the upcoming period, the crude oil price is anticipated to experience a significant breakthrough. This prediction is partly based on the Technical convergence method and partly influenced by the impact of the US dollar index.
After surpassing the strong resistance level at 78.x in the past week, which has now turned into a supportive level, the crude oil price trend is likely to retest that zone and move towards the convergence area of 83-84.
As the primary trend is upward, we will prioritize buy positions. If entering a sell position, ensure strict risk management rules to avoid regrettable risks.
Look forward to next week’s update. Wishing investors wise and successful investment strategies!
By. Pham Thanh Bien
