We are coming down nicely onto an upward support line. Therefore:
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.