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05.01.2022 01:00 PM
Trading tips for oil

Contrary to what was expected, oil did not consolidate at $ 77 after showing a false breakout last week. This made prices close lower yesterday.

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Nevertheless, it is still within the three-wave pattern, so traders can still provoke a move of as much as 1,400 pips.

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Given that there is a three-wave pattern (ABC) and wave A is the selling pressure seen last November, traders could open short positions from the current prices and set stop loss to $ 77.5. Take profit on the breakdown of $ 61.5.

This strategy is based on the price action and stop hunting methods.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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