Prices have been in a consolidation mode for the past week ending 17/05/2024. It seems seasonality is finally kicking as we saw prices bouncing at support twice, creating a double bottom pattern. On 4Hr time frame we are about to create a golden cross and on 1Hr time price are above both moving averages. Given this conditions price may open lower or retest $79.306/barrel before ascending to higher price. The longer price target is at $85.000/barrel.
Summary
Entry 1 = 79.306 or Open price
Entry 2 = 81.273 ( If price is retesting then entry is valid)
Target 1 = 82.910
Target 2 = 85.000
Risk : Reward Ratio => 2.02
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