1218 USOIL another new chance to follow daily trend.Hello traders
The fundamentals of crude oil have not changed much, but on the technical charts, the bottom consolidation pattern leading to a decent price movement is very frustrating.
At the weekly level, the analysis of the bottom trend breaking through the red trend line is still considered limited.
On the 4-hour chart, crude oil has fallen below the EMA and the first resistance level, which diverges from the daily chart (where the candlestick is above the EMA) and the weekly chart (which has broken through the bottom resistance line), presenting a dilemma in decision-making.
Approach 1: One can choose to enter new long positions after the 4-hour chart returns above the EMA.
Approach 2: Alternatively, one can opt for a larger risk-reward ratio, entering the market when the 4-hour chart is below the EMA while maintaining a bullish outlook on the daily and weekly charts.
For existing long positions that have not hit the stop loss, it is recommended to hold on, based on the second approach mentioned above.
TP1: 71.5
TP2: 72.0
TP3: 72.70
GOOD LUCK!
LESS IS MORE!
