FX.co ★ Trading tips for oil

Oil prices continue to increase because of the ongoing global energy crisis.

Earlier, the quote rose from $104 to $113, but now the market has rolled back, opening an opportunity for traders.

Considering that there is a three-wave pattern (ABC), where wave A represents the buying pressure at the end of last week, traders can take short positions up to the 50% retracement level of the current prices. Set stop loss at 107, and take profit on the breakdown of $116-117.

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

Good luck and have a nice day!