FX.co ★ Trading tips for oil

Market players reacted positively to the price cap that was imposed over the weekend.

This, along with the three-wave pattern (ABC) in oil, opens the opportunity for traders to enter the market by buying according to the scheme shown above. Set stop-loss at 80, then exit upon the breakdown of 82 and 83.

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

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