Crude Oil: Long Position Amidst Support and Seasonality

We are considering a long position on crude oil, given that the price has reached a significant support area. This support level is reinforced by a divergence observed on the Relative Strength Index (RSI), suggesting a potential reversal in the current trend. Additionally, seasonality data supports the likelihood of a bullish movement during this period.

The convergence of these technical indicators and historical trends strengthens our conviction for a long setup. The RSI divergence indicates that the recent downward momentum may be waning, while the support area provides a strong foundation for a potential price rebound. Furthermore, seasonality data, which highlights recurring patterns in price behavior during specific times of the year, suggests that crude oil prices are poised for an upward movement.

In light of these factors, we are looking to establish a long position on crude oil, capitalizing on the technical setup and historical data that align to suggest a favorable entry point for a bullish trade.

Trade active:

✅ Move SL to BreakE

Trade closed: target reached:

✅ Done