🔸Today let's review the 8 hour chart for crude oil . Previous setup was invalidated due to the unexpected OPEC production cuts. Right now technical outlook flipped to bullish.
🔸Price gapped higher almost 10% after the OPEC production cuts were announced. Bulls hit the strong overhead resistance at 82 USD/bbl and right now I'm expecting a short-term pullback and re-test of the key s/r bulls below market price.
🔸Recommended strategy for crude oil traders: expecting short-term pullback and therefore the recommended strategy for bulls is to buy low after we re-test the key s/r price levels at 72/73 usd bbl. stop below recent market lows and TP1 is 80 USD/bbl and TP2 is 85 usd/bbl. This is a swing trade setup, so may take a while. good luck traders!
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usdcad 8h swing trade setup best level to buy/hold