Crude Oil Weekly outlook 19 March – 23 March
Crude, last week formed a long tailed bullish pin bar bouncing almost perfectly of the strong support and resistance level at 104.00.
With the last 4 weeks of trading seeing choppy range bound conditions traders may look to long the oil back up to the upper area of the range.
After waiting for a 50% retracement of last week’s price, we’ll be looking to long the market placing our stops just below 104 with an initial target at 110 giving an excellent R:R trade.
