Crude oil is the ultimate winner
💡Message Strategy
Currently trading around $70.00 a barrel during Friday's European session, crude oil prices surged on growing concerns about supply disruptions. Rising tensions in the Middle East threaten navigation through the Strait of Hormuz, a key passage for about 20% of global oil shipments.
📊Technical aspects
From the daily chart level, crude oil prices in the medium term broke through the upper resistance of the range and tested a new high of 75.50. The moving average system is in a bullish arrangement, and the medium-term objective trend is upward.
The current trend is in the upward rhythm of the main trend. The MACD indicator fast and slow lines overlap with the bullish column above the zero axis, indicating that the bullish momentum is currently full, and it is expected that the medium-term trend is expected to usher in a wave of rising rhythm.
The short-term (1H) trend of crude oil continued to fluctuate upward, and the price near 74 was tested. The moving average system relies on the bullish arrangement of oil prices, and the short-term objective trend direction remains upward. Oil prices hit a new high near 75.30, and then fell back and closed with a negative real candlestick. The short-term momentum is still bullish, and it is expected that the trend of crude oil will continue to maintain a high-level oscillation upward rhythm.
💰 Strategy Package
Long Position:70.09-71.50
