01.11.202209:52 Forex Analysis & Reviews: Oil: bearish bias wrecked

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Hi, dear traders! Let me share my trading idea for WTI with you.

Briefly, Crude oil has destroyed the bearish bias three times in the last month. The latest wreck happened during the European session yesterday. In the Asian session today, the price made a technically accurate test of the broken trendline.

In practice, we've got a three-wave ABC structure where yesterday's buying impulse corresponds to wave A. I suggest we consider long positions according to the above chart.

The caption above is resistance.

The caption below is buyers' stop losses.

Under such market conditions, I recommend planning long positions from retracements to $94-97. The trading idea is developed according to the Price Action strategy and the Stop Hunting strategy. Good luck in trading! Manage your risks!

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