FX.co ★ Oil touches $100

Good afternoon, dear traders!

Here is a trading idea for oil.

Yesterday, after Russia initiated a military attack on Ukraine, oil hit the psychological level of $100 per barrel. Later in the day, crude prices lost 10% of their value, dropping to $91 and forming a giant pin bar on D1 with excellent targets below.

I propose considering the following short scenario:

In fact, we have a 3-wave ABC structure where wave A was left after yesterday's selling activity.

Consider opening short positions on a rebound from the 50% Fibonacci level at $96 according to the scheme market in the picture above.

You can set limiting orders at 100. You can take profit on a breakout at $91.5 and $88.

The trading idea is based on "Price Action" and "Stop Hunting" methods.

Have successful trading and minimal risks!