CRUDEOIL update || Dec 20

Dec 20, 2023

Time Frame: 1 hour

Strategy: Long - BREAKOUT🔥

Crude oil is poised for a potential breakout towards the 6300 range as it faces resistance. The current stability is influenced by Houthi militants' activities in the Red Sea, impacting oil supply. Initial concerns led to a rise in prices. Today's crude oil inventory data could further impact the market, shaping future trends. Stay tuned for updates.

Target1: 6250
Target2: 6275
Target3: 6300

Dec 20, 2023

Note

Congratulations on reaching the first target in crude oil! According to news, disruptions in the Red Sea are not expected to significantly impact commodity prices. While there might be delays and higher transportation costs for raw materials, major producers should remain relatively unaffected. Intermediate processors, however, may face increased freight rates. Exploring alternative routes could add both time and expenses to the journey.

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