Saudi Arabian Oil: Two Scenarios, Two Happy Faces

So the setup for this stock could go two ways. First things first, Its either in an uptrend or in a range market structure. It definitely recovered from its pandemic curfew prices, where its operating in a similar price range as of February 2020. So it needs to break that support line at around 33.5. If it does, next support line could be between 34.6 to 35. However, if it retraces in the next week, then this could be an opportunity to wait for it to reach support before buying again, where it'll operate between 32.3 and 33.5. I doubt it'll go back to 32.3 so I'd set my buy condition a little higher and watch if it does actually retrace. Definitely a buy for this stock, but time your entry well according to which market structure it turns into, especially since we don't have a lot of data for this stock. Comment or share your ideas, and lets learn together!


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