The price of Crude Oil has reached a new high for a long time (since Nov 2022).
We had a long position on Crude June 2023 which we also posted it here which hit the profit target and now there is a new analysis on Crude Oil price which can impact all oil products in 2024’s first quarter.
Now the price of Crude oil is in a resisting area, with a potential to bearish divergence, so we would be waiting for the next days opening price and will consider to go short on Crude Oil on Tuesday probably.
The stop loss of this analysis is above the resistance area and the target is the below support.
This analysis is brought to you free and should not be considered as a trading signal. the purpose of this post is just studying the probability of price movements in Crude oil market and its probable impact on other oil products’ prices.
