FX.co ★ Trading idea for oil

Oil hit yearly highs after the long-awaited OPEC meeting. This is because during the summit, members decided to retain the current level of oil production, at least until May.

The positive statements set off an acceleration in oil, thereby bringing it past the 2019 and 2020 highs.

Taking this into account, the best option today is to close the gap and bring the quote towards the target level indicated below:

Of course, this makes oil incredibly expensive, but the traces of the pandemic are still there. To date, many borders are still closed, which cannot but affect oil prices.

The strategy above follows the classic Price Action and Stop Hunting methods.

Good luck!