Hello Traders! Today crude oil is trading at the consolidation range to gain upward momentum. price at 62$ offers weekly support. once it breaks the trendline resistance more possibilities to go higher in a bullish bias. first target will be 77$.
On failure to break the trendline resistance, then possible downward pressure in action to retest the support areas at 69.2$ , 65$.
Because of omicron worries and lockdown all over the world keeps struggling to go higher.
Based on the inflation data and rate hikes by fed will decide the strength of the dollar index. That will decide the price of the crude oil.
As per daily time frame its in downtrend. I do prefer to sell high with stop loss.
If you like my idea pls do comment and follow me.
On failure to break the trendline resistance, then possible downward pressure in action to retest the support areas at 69.2$ , 65$.
Because of omicron worries and lockdown all over the world keeps struggling to go higher.
Based on the inflation data and rate hikes by fed will decide the strength of the dollar index. That will decide the price of the crude oil.
As per daily time frame its in downtrend. I do prefer to sell high with stop loss.
If you like my idea pls do comment and follow me.