theselfishtrader

Rangebound Crude Offers a low risk Buy

Long
OANDA:BCOUSD   Brent Crude Oil
Crude is of course in a massive downtrend, however since reaching the lowest previous support level (on tradvingView at least!) at $27.345 price has been rangebound.

Following the recent breakout to test $30, it has fallen back into the lower range, with another attempt to break out yesterday defended by the bears.

Price is close to testing range support levels (green dashed lines), and these should offer decent RR long trades assuming there are any buyers out there.