Greetings, dear traders! I present a trading idea for WTI oil.
So, over the past two weeks, the growth of oil quotes was associated both with the expectation of an OPEC+ cut in production, and with this news itself, which raised oil quotes by more than $10.
I present a trading idea for the continuation of this growth according to the scheme presented on the screen below:
In fact, we have a three-wave "ABC" structure, where the "A" wave is a long "fundamental initiative" based on the news about the reduction in OPEC+ production.
I propose to consider long positions with a rollback of 61.8-50% by Fibo according to the scheme presented on the screen above.
Risks limit $77. Take profit on the breakdown of $94 and $100.
The trading idea is presented within the "Price Action" and "Stop Hunting" methods.
Good luck in trading and control the risks!