Mihai_Iacob

Oil- Back above 80?

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FOREXCOM:USOIL   WTI原油CFD
After the double top from last year, Wti entered a downtrend and, considering the top and bottom, lost half of its value.
However, we can see from the chart that prices under 65 are bought and Oil looks like it has a flood in this zone.
More, from the chart we could also see the importance of this zone, acting as resistance back in 2021 and support in 2022. More, this level acted as resistance in 2019 and 2020, before the pandemic craziness.
In conclusion, at least in my opinion, there is a fundamental demand around this price.
Considering this price as a floor, the logical outcome in the future would be a test of 83 resistance.
So, a drop under 70 could be a good buying opportunity in medium term and such a trade would also have a risk:reward of 1:2


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