Recent developments in the US oil market have sparked optimism among analysts, as prices appear to be finding solid support on a macro trendline when viewed on a weekly timeframe. This suggests that after a period of volatility, oil might be gearing up for upmove.It might check the levels to upside from here with targets of 80,82,84 above.
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Daily timeframe chart for reference
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found one short trade here
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Apply buy on dips strategy for intraday one can get its & bits trade but 78.40 area seems good support to hold for buy to get big profit range til 80,82
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80 acheived
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On shorter time frame30 mins timeframe looks bearish but it is testing the area near to weekly time frame trendline again until weekly trendline intact long is valid buy at supports.
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there is demand zone exists on 77 area where it took support twice rallied to 80 good risk reward
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Approcahing 77 demand area watch for positive price aciton here to long , if voilates 77 long invalid
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if this stops out long invalid may go test 75 area from here
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Trade closed manually:
voilated below 77 closing this idea here , will come up with new one for next week .
