A critical formed when a low was recorded at 69.251 on the 6th of May. Buyers then tried to push the market higher but have still not succeeded. A possible was suggested at 73.390 where a Candle formed on the 30th of April. In the meantime, another Candle formed on 13 May, reinforcing the fact that demand have not been able to overcome supply.
The conclusion remains that if the price of Crude Oil manages to break through the critical at 69.251, three possible price targets may be projected from there. Attaching the Fibonacci tool to the bottom of the possible reversal at 69.251 and dragging it to the top of the possible at 73.390, the following targets may be calculated. The first target can be predicted at 66.693 (161 %). The second price target can be anticipated at 62.553 (261.8%) and the third and final target may be expected at 55.856 (423.6%).
If the possible at 73.390 is broken, the anticipated scenario is invalidated and will need to be re-evaluated.
As long as sellers maintain a negative sentiment and supply overcomes demand, the outlook for Crude Oil market on the D1 time-frame will remain .
More conservative traders could have closed the trade when 73.390 was touched and this is also acceptable. It is important to trade in line with your personality type and risk taste.
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