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23.02.2022 01:33 PM
Trading tips for oil

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After hitting another high ($96), oil fell during yesterday's US session and closed $4 below the daily high.

If we take the fall from 96 to 92 as an initiative, then we can consider a continuation of this movement according to this scheme:

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The H1 chart will look like this:

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Since there is a three-wave pattern (ABC), where wave A represents the selling pressure yesterday, traders can take short positions up to the 50% and 61.8% retracement levels of $ 93. Set stop loss at $96, then take profit on the breakdown of $88.

This trading idea is based on the "Price Action" and "Stop Hunting" strategies.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2025
Earn on cryptocurrency rate changes with InstaForex
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