FX.co ★ Trading tips for oil

2023 started with a new decline in oil prices, all the way to the lows of last year. It was probably due to the US crude oil inventory data that came out on Thursday.

The day did not close with a decline, but with an inside bar, which falsely broke through the important level of buyers - $73.

This means that traders should focus on long positions, opening them from the current prices or above. Set stop loss to $72.4 and take profit on $83 and $93.

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

Good luck in trading and have a nice day! Don't forget to control the risks.