Oil is currently at a local supply zone, meaning that it could be seeing some bearish movements soon. However, based on the daily bullish trend, it would be more rewarding to wait for an opportunity to go long. Ideally, bulls should wait for a break and retest of the resistive trendline before looking to go long.
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Best of luck traders!
Be sure to follow me for more ideas and analyses. Please leave a like and a comment with your thoughts. All input is appreciated.
Best of luck traders!