4th March Intraday strategy.

4 במרץ 2021

After a surprise "record setting" gasoline (-13m) vs Crude (+21m) inventories, Asia held it's bid to support $61. Much of the future price movement will come down to this weeks Opec+ conclusion. A break above 62.90 will sustain an uptrend. Break below 59.23 for downtrend continuation with 1st target 57.37. Looking at the chart, even though there has already been 2 clear rejection just below $62, we could expect to see another attempt to break. The double bottom pattern ends near 62.90 and it is here where we might see a high chance of prices touching the resistance line with price action bouncing downward. I would go long when stoch indicators shows in oversold zone on 30min & 1Hr TMF with SL below the nearest support line. GL