Crude oil markets initially gained momentum during the trading session on Monday, but there was little resistance to show signs of sluggish behavior in crude oil markets. However, it is being said that there is a certain amount of New Year holiday, which happens.
According to EMA and price action method in the daily chart, the crude oil price is running in an uptrend. Staying below the resistance at the level of 4470. The crude oil started during the trading session on Monday and Tuesday, reaching a level of 4450 before rolling back.
This shows that we are going to struggle higher, especially during this time of year. That being said, the 4450- 4470 level resists massively, and a higher grind is going to take a significant amount of effort. Below, I believe the 4285 level provides support. That being said, the market is a bit high and the volume is going to disappear, so I think a short-term pullback makes a lot of sense here.
Current Market Trend
Daily Trend= Up
H4 Trend= Up
H1 Trend= Up
M15 Trend= Up
Pattern and Range: (AB=CD Pattern)
Support and resistance
Resistance levels: 4450, 4470
Support levels: 4285
Trading Strategy: Breakout Trading Strategy
Long position above 4470
Trading Strategy: EMA Bounce Back Trading Strategy
Short position below 4370
Stop Loss 4400
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